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17/05/24
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Technical Outlook on the Performance of Dogecoin (DOGE)
DOGE/USD moved steadily to the upside and then encountered a barrier level close to the $0.16 area. DOGE was able to reach levels as high as $0.1594 prior to the emergence of the bears. The bears initiated a move to the downside and there was a fall beneath the support area at $0.154.
DOGE reached levels as low as $0.1488 prior to initiating the current consolidation in preparation of the immediate move. A look at its 1-hour chart shows that its performance remains at levels above $0.15, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.1485.
DOGE is encountering a barrier level close to $0.1515 on the way upward. Likewise, it is close to the 23.6% Fibonacci correction level of the fall from $0.1594 swing high to $0.1488 low. The immediate key barrier level is close to $0.154 or the 50% Fibonacci correction level of the fall from $0.1594 swing high to $0.1488 low.
If DOGE closes past the barrier level at $0.154, the bulls may be able to initiate a move towards the barrier level at $0.16. If there are any additional gains, DOGE may be able to move toward $0.165. The immediate key stop for the bulls could come up at $0.172 level.
On the other hand, the failure of the bulls to provide sufficient momentum to push DOGE clearly past $0.154 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.15, as well as near the trend line.
The immediate key support level is close to $0.1445. If DOGE breaks beneath the support level at $0.1445, the bears may be able to initiate more downside moves. In such a situation, DOGE may be compelled to fall toward $0.135.
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