Bitrabo Editorial
Despite bearish pressures, Dogecoin (DOGE) is seeing increased upward momentum, indicating a potential rise towards the $0.1144 level. The ongoing bullish trend and market conditions suggest a favorable environment for further gains. Technical analysis and market sentiment support the likelihood of an upward movement aiming for the key resistance level at $0.1144.
This analysis delves into Dogecoin’s current bullish trajectory, assessing the potential for a price surge to $0.144 by examining market sentiment and key technical indicators signaling a possible uptrend.
DOGE’s price has marginally decreased by 0.30%, trading around $0.1047 over the last 24 hours, holding a market cap exceeding $15 billion and a trading volume surpassing $531 million at the time of writing. The coin’s market cap and trading volume saw slight declines of 0.31% and 32.96% respectively.
Technical Indicators Indicate a Potential Decrease to $0.09
Currently, Dogecoin’s price on the 4-hour chart shows a bullish trend surpassing the 100-day Simple Moving Average (SMA) towards the $0.1144 level. Breaking through this critical resistance has propelled the asset on an upward trajectory, indicating bullish dominance likely to drive prices higher.
The analysis of the 4-hour Relative Strength Index (RSI) signals a rise above 50% and heading towards 60%, suggesting a surge in buying pressure and anticipated upward movements.
On the 1-day chart, although DOGE remains below the 100-day SMA, it shows attempts at a bullish trajectory towards the $0.1144 resistance level, indicating continued bullish momentum with the potential to drive prices up.
Finally, on the 1-day chart, the RSI shows a climb of more than 40% from the oversold zone approaching 50%, indicating an increasing bullish momentum for the cryptocurrency.
Potential Outcomes If Dogecoin Reaches $0.1144
With Dogecoin’s bullish sentiment gaining strength, an approach towards the $0.1144 resistance level is anticipated. A successful break and close above this point could signal a further upward movement towards the next resistance at $0.1293 and potentially higher levels.
If DOGE faces resistance at $0.1144 and experiences a rejection, a decline towards $0.0914 may occur. A breach below this support level could indicate a bearish trend, leading to more substantial declines towards $0.0745 and beyond.