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09/09/24
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Dogecoin Surges: Key Resistance Levels in Sight Following Recent Recovery
Dogecoin has shown signs of recovery, bouncing back from a low of $0.0888 against the US Dollar. Currently, the cryptocurrency is on an upward trajectory, with the potential to break through the critical resistance level at $0.100.
The price of Dogecoin is now positioned above the $0.0950 level and the 100-hourly simple moving average, indicating a bullish trend. A recent analysis indicates that a significant breakout occurred above a bearish trend line, which had previously provided resistance around $0.0955 on the hourly chart. If the price can push past the $0.0980 and $0.100 resistance levels, further gains are expected.
After experiencing a sharp decline, Dogecoin found a solid support base near the $0.0888 level. This was followed by a recovery similar to movements seen in Bitcoin and Ethereum, with price movements surpassing the previous resistance levels of $0.0920 and $0.0935. The latest surge also crossed the 50% Fibonacci retracement level from the downturn that began at a peak of $0.0994 and reached a low of $0.0889.
Immediate resistance is anticipated around the $0.0970 level, coinciding with the 76.4% Fibonacci retracement point. Following that, the next notable resistance is positioned around $0.0995. A successful close above this level could propel prices further toward $0.1050 and potentially push them to $0.1150, with $0.1200 marking a crucial target for bullish traders.
Conversely, should Dogecoin fail to breach the $0.0995 level, it might initiate a corrective phase. Key support levels to watch include $0.0938, followed by $0.0900. If the price drops below the foundational support of $0.0880, further declines could lead to levels as low as $0.0850 or even $0.0835. Technical indicators suggest a bullish momentum, with the MACD gaining strength and the RSI currently positioned above the 50 mark.
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