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Dogecoin (DOGE) started a fresh increase after finding support near $0.2170, similar to Bitcoin
input: Despite a recent downturn, Bitcoin (BTC) is displaying signs of recovery.
Bitcoin (BTC) Price Analysis: A Fresh Increase After Finding Support
Dogecoin (DOGE) price started a fresh increase after finding support near the $0.2170 level. In addition, a bullish trend line connecting with the support at $0.2350 was formed on the hourly chart of the DOGE/USD pair.
After dropping to the low of $0.2173, the price quickly rose above the 50% Fibonacci retracement level of the move down from the $0.2531 high to $2173 low. Moreover, the 100-hour simple moving average was cleared.
Dogecoin (DOGE) is trading above the $0.2350 level and the 100-hour SMA. The next major resistance on the upside is near the $0.240 level.
Dogecoin (DOGE)
Credit: TradingView
Resistance and Upside Potential
The first major resistance for the buyers might be near the $0.2440 level and the 76.4% Fibonacci retracement level of the move down from the $0.2531 high to $0.2173 low. The next major resistance lies near the $0.2530 level. A close above the $0.2530 resistance could push the price towards the $0.2650 zone.
Further upside will probably direct the price towards the $0.2720 level. The next station for the buyers might be $0.2850.
Possible Price Drop
If the Dogecoin (DOGE) price fails to break the $0.2440 level, there could be another drop. Initial support on the downside is near the $0.2350 level. The next major support is near the $0.2250 level.
The major support lies at $0.2150. In case of a downward break of the $0.2150 support, the price could drop further. In that case, the price may drop towards the $0.20 or even $0.1880 level in the short term.
Technical Indicators
The Relative Strength Index (RSI) for the hourly chart is now in positive territory. A sustained move above the 50 on the 4-hour chart could favor more gains.
Conclusion
Dogecoin (DOGE) shows potential to continue its upward trend with strong support and favorable technical indicators. As the price approaches the 76.4% Fib level, traders will be watching closely for a decisive move. Investors and traders should keep an eye on the mentioned resistance and support levels to make informed trading decisions.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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