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23/07/24
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Technical Outlook on the Performance of Dogecoin (DOGE)
The chart of DOGE/USD shows that the bulls were able to bring about a modest upside move past $0.115 over the past few days. They pushed DOGE clearly past the barrier level at $0.125 for entry into a positive area. A look at its 1-hour chart shows that there was a push past $0.132, as well as above the 100 hourly SMA.
DOGE was able to reach levels as high as $0.1437 prior to initiating current consolidation of gains. The bears pulled DOGE somewhat beneath $0.14 and there was a fall beneath the 23.6% Fibonacci correction level of the upswing from $0.126 swing low to $0.1437 high.
Its 1-hour chart shows that its current performance is at levels above $0.132, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.1345. Likewise, the trend line is near the 50% Fibonacci correction level of the upswing from $0.126 swing low to $0.1437.
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 might be able to push it towards the barrier level at $0.15. If there are any additional gains, they may be able to pave the way for a move toward $0.165, with the immediate key stop perhaps somewhere around $0.172.
On the other hand, the failure of the bulls to push DOGE clearly past $0.142 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.1365. The immediate key support is close to $0.132.
The key support level is located at $0.128. If DOGE breaks beneath the support level at $0.128, the bears may be able to pull it further to the downside. In this situation, DOGE may be compelled to fall towards $0.115.
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