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06/06/24
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Technical Outlook on the Performance of Dogecoin (DOGE)
The chart of DOGE/USD shows that the bulls were able to initiate a steady upside move past the $0.15 area over the past few sessions. There was a push past the barrier area at $0.16.
DOGE reached levels as high as $0.1646 prior to the bears initiating a new move to the downside. The bears pulled DOGE beneath the support area at $0.162 and there was a spike beneath the 23.6% Fibonacci correction level of the upswing from $0.1571 swing low to $0.1646 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.16, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with support level close to $0.16.
DOGE is encountering a barrier level close to $0.164 on its way upward. The immediate major barrier level is close to $0.165. If DOGE closes past the barrier level at $0.165, the bulls may be able to push it toward the barrier level at $0.172. If there are any additional gains. they may be able to pave the way for a move toward $0.175. The bulls may focus on reaching the immediate major stop at $0.18.
On the other hand, the failure of the bulls to provide momentum for a move past $0.165 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.16, as well as near the trend line. Likewise, it is near the 50% Fibonacci correction level of the upswing from $0.1571 swing low to $0.1646 high.
The immediate major support level exists close to $0.158. If DOGE breaks beneath the support level at $0.158, the bears may be able to pave the way for more downside moves. In such a situation, DOGE may be compelled to fall towards $0.152.
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