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02/07/24
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Technical Outlook on the Performance of Dogecoin (DOGE)
The chart of DOGE/USD shows that the bulls were able to initiate a modest move to recover. However, the activity of traders sustained DOGE beneath the barrier area at $0.1285. DOGE was able to reach levels as high as close to $0.1272 prior to the bears initiating a downside retracement in recent times.
The bears pulled DOGE beneath the support level at $0.125. There was a fall to levels beneath the 50% Fibonacci correction level of the upswing from $0.1203 swing low to $0.1272 high. The bulls are currently doing their best close to the $0.122 area.
A look at its 1-hour chart shows that its performance is currently close to $0.125, as well as near the 100 SMA. Likewise, it is above the 61.8% Fibonacci correction level of the upswing from $0.1203 swing low to $0.1272 high.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to $0.125. The same chart shows the formation of a short-term bullish flag pattern with a barrier level at $0.125. The immediate key barrier level is 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 $0.132. If there are any additional gains, they may bring about more moves higher, toward $0.135. The bulls may focus on reaching the immediate key stop around $0.15.
On the other hand, the failure of the bulls to provide momentum to push DOGE past $0.125 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $0.123.
The immediate key support level is close to $0.122. If DOGE breaks beneath the support level at $0.122, the bears may be able to pull it further to the downside. In such a situation, they may pave the way for a fall toward $0.1185.
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