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Dogecoin (DOGE) Maintains Support Amid Market Weakness, Bulls Seek Confirmation Bounce

Dogecoin corrected some positive factors and traded beneath $0.1780 in opposition to the US Dollar. DOGE is now holding the $0.1680 help and may purpose for a recent enhance.

  • DOGE value began a recent draw back correction beneath $0.1780.
  • The value is buying and selling beneath the $0.1760 degree and the 100-hourly easy shifting common.
  • There is a bearish development line forming with resistance at $0.1760 on the hourly chart of the DOGE/USD pair (knowledge supply from Kraken).
  • The value may purpose for a recent enhance if it stays steady above $0.1680.

Dogecoin Price Eyes Another Increase

Dogecoin value began a draw back correction after it did not clear $0.1880, like Bitcoin and Ethereum. DOGE declined beneath $0.1820 and $0.180 ranges.

There was a transfer beneath the 50% Fib retracement degree of the upward transfer from the $0.1568 swing low to the $0.1858 high. However, the bulls remained lively close to the $0.1680 help. The value is once more rising above $0.1720.

Dogecoin value is now buying and selling beneath the $0.1780 degree and the 100-hourly easy shifting common. Immediate resistance on the upside is close to the $0.1760 degree. There can be a bearish development line forming with resistance at $0.1760 on the hourly chart of the DOGE/USD pair.

The first main resistance for the bulls may very well be close to the $0.1820 degree. The subsequent main resistance is close to the $0.1880 degree. An in depth above the $0.1880 resistance may ship the worth towards $0.1920. Any extra positive factors may ship the worth towards $0.20. The subsequent main cease for the bulls could be $0.2120.

Another Decline In DOGE?

If DOGE’s value fails to climb above the $0.1820 degree, it may proceed to maneuver down. Initial help on the draw back is close to the $0.170 degree. The subsequent main help is close to the $0.1680 degree and the 61.8% Fib retracement degree of the upward transfer from the $0.1568 swing low to the $0.1858 high.

The foremost help sits at $0.1640. If there’s a draw back break beneath the $0.1640 help, the worth may decline additional. In the acknowledged case, the worth may slide towards the $0.1550 degree and even $0.1520 within the close to time period.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 degree.

Major Support Levels – $0.1700 and $0.1680.

Major Resistance Levels – $0.1760 and $0.1820.

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