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14/06/24
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Technical Outlook on the Performance of Dogecoin (DOGE)
The chart of DOGE/USD shows that the bulls initiated a modest upside move and then encountered a barrier level close to $0.15 area. They could not push it further to the upside, so the bears swung into action and initiated a new move to the downside beneath $0.145.
A look at its 1-hour chart shows that they pulled DOGE beneath the support level at $0.142, as well as below the 100 SMA. There was a fall beneath the 50% Fibonacci correction level of the upswing from $0.1337 swing low to $0.1505 high.
The same chart shows that DOGE broke beneath a key bullish trend line with a support level close to $0.1425. Its current performance is at levels beneath $0.145, as well as below the 100 SMA.
The bulls are currently defending the support area at $0.14 as well as the 61.8% Fibonacci correction level of the upswing from $0.1337 swing low to $0.1505 high. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $0.142.
The immediate key barrier level is close to $0.145. If DOGE closes past the barrier level at $0.145, the bulls may be able to initiate a move toward the barrier level at $0.15. If there are any additional gains, they may be able to pave the way for a move to $0.1632. The bulls may focus on reaching $0.172.
On the other hand, the failure of the bulls to provide momentum for a move past $0.145 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.14.
The immediate key support level is close to $0.1375. If DOGE breaks beneath the support level at $0.1375, the bears may be able to initiate more downside moves. In such a situation, they may be able to pave the way for a fall toward $0.13.
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