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08/07/24
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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 recovery move but the bears ensured that it was sustained beneath the barrier area at $0.1150. DOGE was able to reach levels as high as close to $0.1141, prior to the bears initiating a new downside move.
They pulled DOGE beneath the support level at $0.108, followed by a move beneath the 50% Fibonacci correction level of the upswing from $0.09134 swing low to $0.1141 high. The bulls are currently doing their best close to the $0.100 area.
A look at its 1-hour chart shows that its current performance is at levels below $0.108, as well as beneath the 100 hourly SMA. Likewise, its performance is above the 61.8% Fibonacci correction level of the upswing from $0.09134 swing low to $0.1141 high.
The ability of the bulls to initiate a new move to the upside may lead to the barrier level close to $0.1050. The same chart shows the formation of a short-term declining trend line with a barrier level at $0.105. The immediate key barrier level is close to $0.108.
If DOGE closes past the barrier level at $0.108, the bulls may be able to push it towards the barrier level at $0.115. If there are any additional gains, they may pave the way for a move towards $0.125. If they succeed, the immediate key stop for them might be $0.132.
On the other hand, the failure of the bulls to provide momentum to move past $0.115 may empower the bears to sustain its performance towards the downside. The first support level on the way downward is close to $0.100.
The immediate key support level is close to $0.095. If DOGE breaks beneath the support level at $0.092, the bears may be able to pull it further to the downside. In this situation, DOGE may be compelled to fall towards $0.085.
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