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16/07/24
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Technical Outlook on the Performance of Dogecoin (DOGE)
A look at the chart of DOGE/USD shows that the activities of the bears led to the formation of a base above $0.105 prior to the bulls initiating a modest move to the upside. The bulls pushed DOGE clearly above the barrier level at $0.115 for a move into a positive area.
There was a push past $0.12, as well as above the 100 hourly SMA. DOGE was able to reach levels as high as $0.1264 prior to initiating the current consolidation of gains above the 23.6% Fibonacci correction level of the upswing from $0.1167 swing low to $0.1264 high.
A look at its hourly chart shows that its current performance is at levels above $0.122, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.1195. The ability of the bulls to initiate a new upside move may lead to the barrier level close to $0.1265.
The immediate key barrier level is close to $0.132. If DOGE closes above the barrier level at $0.132, the bulls may be able to push it towards the barrier level at $0.145. If there are any additional gains, the bulls may bring about a move towards $0.15. The immediate key stop for the bulls could be $0.162.
On the other hand, the failure of the bulls to provide momentum for DOGE to move clearly above $0.1265 could empower the bulls to initiate a new move to the downside. The first support level on the way downward is close to $0.124. Likewise, the immediate key support level is close to $0.1215, as well as near the 50% Fibonacci correction level of the upswing from $0.1167 swing low to $0.1264 high.
The key support level is located at $0.1195. If DOGE breaks beneath the support level at $0.1195, the bears may be able to pave the way for more downside moves. In this situation, DOGE may be compelled to fall towards $0.114.
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