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29/07/24
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Technical Outlook on the Performance of Dogecoin (DOGE)
The chart of DOGE/USD shows that the bears were able to bring about a short-term downside move to provide support close to the $0.128 area. It was able to reach levels as low as $0.1282 prior to the bulls initiating the current upside move. The bulls pushed DOGE past the barrier area at $0.13.
There was a push past the 50% Fibonacci correction level of the fall from $0.1386 swing high to $0.1282 low. Despite BTC seeing significant upside moves after the bulls cleared the barrier area at $68.8k in recent sessions, DOGE could not gather sufficient momentum to move higher.
A look at its 1-hour chart shows that its current performance is at levels above $0.132, as well as above the 100 SMA. The next barrier level on the way upward is close to $0.1345. The immediate key barrier level is close to $0.136.
A look at its 1-hour chart shows the formation of a major declining trend line with a barrier level at $0.1362. Likewise, the trend line is near the 76.4% Fibonacci correction level of the fall from $0.1386 swing high to $0.1282 low.
If DOGE closes past the barrier level at $0.136, the bulls may be able to push it towards the barrier level at $0.142. If there are any additional gains, they may be able to pave the way for a move towards the barrier level at $0.15. The bulls may focus on pushing DOGE to the key stop level, perhaps around $0.165.
On the other hand, the failure of the bulls to push DOGE clearly past $0.136 and provide sufficient momentum for more upside moves may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $0.132. The immediate key support level is close to $0.13.
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 pave the way for more downside moves. In this situation, DOGE may be compelled to fall towards $0.1145.
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