Rally

Bitcoin

Dogecoin

Resistance

<a href="https://bitcoinworld.co.in/dogecoin-shows-positive-momentum-eyeing-fresh-rally-above-key-resistance-level/" title="Dogecoin Shows Positive Momentum, Eyeing Fresh Rally Above Key Resistance Level" rel="nofollow"></a>
Dogecoin (DOGE) shows encouraging upward movement above the $0.0620 resistance level against the US dollar. Despite trading below the $0.064 zone and the 100 simple moving average (4 hours), DOGE has recently broken a crucial bearish trend line, indicating the potential for a fresh rally. 
Price Breakout and Bullish Momentum: 
A notable breakthrough occurred in the 4-hour chart of DOGE/USD from Kraken as DOGE surpassed a significant bearish trend line near the $0.0620 resistance. This development suggests a positive shift in market sentiment. While the price currently trades below the $0.064 zone and the 100 simple moving average (4 hours), a successful clearance of the $0.064 resistance zone could spark a new wave of buying pressure. 
Recovery after Forming Base: 
After establishing a base above the $0.0550 level, Dogecoin witnessed a steady increase in its price. Over the past two sessions, DOGE demonstrated bullish moves following the upward movement of Bitcoin and Ethereum, surpassing the $0.0580 and $0.060 resistance levels. The price climbed above the 50% Fibonacci retracement level, indicating a recovery from the decline between the $0.0715 swing high and the $0.0554 low. 
Resistance and Potential Upside Targets : 
While the price faces resistance near the 100 simple moving average (4 hours), the immediate hurdle lies at the $0.0655 level and the 61.8% Fibonacci retracement level of the decline above. A successful close above the $0.0655 resistance may propel the price toward the $0.0685 resistance, followed by a major resistance near $0.070. Further gains could drive the price to the $0.072 level, indicating an optimistic outlook for DOGE. 
Support Levels and Potential Downside: 
A fresh decline might ensue if the price fails to gather momentum above the $0.0640 level. Initial support on the downside can be expected near the $0.0625 level, followed by a major support zone at $0.060. A breach below the $0.0600 support may result in further downward movement toward the $0.0550 level. Traders should closely monitor these key levels for potential trading opportunities. 
Conclusion: 
Dogecoin’s recent breakout above the bearish trend line and positive price action suggests the potential for a fresh rally. However, cautious monitoring of key support and resistance levels is advised. 
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The post <a rel="nofollow" href="https://bitcoinworld.co.in/dogecoin-shows-positive-momentum-eyeing-fresh-rally-above-key-resistance-level/">Dogecoin Shows Positive Momentum, Eyeing Fresh Rally Above Key Resistance Level</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Dogecoin Shows Positive Momentum, Eyeing Fresh Rally Above Key Resistance Level

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2023년 6월 21일에 게재된 다른 기사

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