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Home»EXCHANGE NEWS»Dogecoin (DOGE) Rally On Hold: Could Momentum Begin Again?
EXCHANGE NEWS

Dogecoin (DOGE) Rally On Hold: Could Momentum Begin Again?

By Crypto FlexsDecember 18, 20243 Mins Read
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Dogecoin (DOGE) Rally On Hold: Could Momentum Begin Again?
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Dogecoin began a downward correction below the $0.400 support level against the US dollar. DOGE is currently consolidating and could target a fresh increase above $0.4050.

  • DOGE price began a new decline below the $0.40 level.
  • The price is trading below the $0.4050 level and the 100-hour simple moving average.
  • The hourly chart of the DOGE/USD pair (data source from Kraken) has a bullish trendline attached with support at $0.3950.
  • Clearing the $0.4050 and $0.4150 resistance levels could initiate another rally in the price.

Dogecoin price eyes fresh hike

Dogecoin price began a new decline, well above $0.410, unlike Bitcoin and Ethereum. DOGE was trading below the $0.4020 and $0.400 support levels. It also surged below $0.3980.

A low was formed at $0.3963 and the price is currently consolidating losses. It recovered some points and rose above $0.40. It crossed the 23.6% Fib retracement level for a downward move from the $0.4136 swing high to the $0.3963 low.

Dogecoin price is currently trading below the $0.4050 level and the 100-hour simple moving average. On the hourly chart of the DOGE/USD pair, there is also a connecting bullish trendline with support at $0.3950.

Immediate resistance on the upside is near the $0.4025 level. The first major resistance for bulls could be near the $0.4050 level. The next major resistance is the 76.4% Fib retracement level near the $0.4095 level or a downside move from the $0.4136 swing high to the $0.3963 low.

A close above the $0.4095 resistance line may cause the price to head towards the $0.4150 resistance line. If more profits are made, the price may fall towards the $0.4350 level. The next major stop for the bulls could be $0.4500.

Will there be more losses in DOGE?

If DOGE’s price fails to rise above the $0.4050 level, another decline could begin. Initial support for the downside is near the $0.3980 level. The next major support is near the $0.3950 level.

The main support level is $0.3750. A break below the $0.3750 support could lead the price to fall further. If indicated, the price may fall to the $0.350 or even $0.3420 level in the short term.

technical indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in bearish territory.

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

Key support levels – $0.3980 and $0.3750.

Key resistance levels – $0.4050 and $0.4095.

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