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21/06/24
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Technical Outlook on the Performance of Dogecoin (DOGE)
The chart of DOGE/USD shows that the bulls were able to initiate a modest upside move and then encountered a barrier level close to the $0.1285 area. They could not push DOGE higher and the bears swung into action, prompting a new move to the downside from levels as high as $0.1285.
A look at its 1-hour chart shows that they pulled DOGE beneath the support level at $0.125, as well as below the 100 hourly SMA. There was a fall beneath the 23.6% Fibonacci correction level of the upswing from $0.1129 swing low to $0.1285 high. Another observation is that the bulls are currently doing their best close to the $0.122 area.
The current performance of DOGE is at price levels beneath $0.125, as well as below the 100 hourly SMA. The same chart shows the formation of a major rising channel or a declining flag pattern with a support level close to $0.122.
The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $0.126. The immediate key barrier level exists close to $0.1285. If DOGE closes past the barrier level at $0.1285, the bulls may be able to push it toward the barrier level at $0.135. If there are any additional gains, they may be able to pave the way for a move to $0.142. The immediate key stop for the bulls could be $0.15.
On the other hand, the failure of the bulls to provide momentum for DOGE to move past $0.1285 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $0.122.
The immediate key support is close to $0.1185. If DOGE breaks beneath the support level at $0.1185, the bears may be able to initiate more downside moves. In such a situation, DOGE may be compelled to fall towards $0.112.
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