Dogecoin Price Analysis: Will DOGE Break Resistance at $0.1085?
After finding support near $0.0985, Dogecoin has initiated a positive movement against the US Dollar. To gain momentum, DOGE needs to surpass the key resistance level at $0.1085.
- DOGE price is aiming for a breakout above $0.1085.
- Trading above $0.100 and the 100-hourly simple moving average.
- A bullish trend line was breached with resistance at $0.1030 on the hourly chart of DOGE/USD.
- Potential rally if resistance levels at $0.1060 and $0.1085 are cleared.
Dogecoin Price Resumes Uptrend
Following a period of decline, Dogecoin’s price stabilized near $0.0985 before beginning an upward trend similar to Bitcoin and Ethereum. Successfully surpassing resistance levels at $0.1020 and $0.1040.
Breaking a bearish trend line with resistance at $0.1030 on the hourly chart of DOGE/USD also contributed to the positive movement. The pair exceeded the 50% Fib retracement level from the recent swing.
Currently trading above $0.1040 and the 100-hourly simple moving average, the next resistance lies near $0.1050 before targeting $0.1060 and $0.1085. Further gains may push the price towards $0.1150 and potentially $0.1200.
Potential Downtrend for DOGE?
If DOGE fails to break above $0.1060, a downward trend may resume with initial support at $0.1030 and $0.1020. Significant support remains at $0.0985, with possible declines towards $0.0920 or $0.0885.
Technical Indicators:
Hourly MACD – Showing bullish momentum for DOGE/USD.
Hourly RSI (Relative Strength Index) – RSI above 50 for DOGE/USD.
Key Levels:
Support – $0.1030 and $0.1000.
Resistance – $0.1060 and $0.1085.
In conclusion, Dogecoin’s price outlook is positive but faces crucial resistance levels. A breakthrough at $0.1085 could lead to further gains, while failure to break above $0.1060 might trigger a decline. Stay updated on price movements to make informed decisions.
