As bearish momentum intensifies, Dogecoin (DOGE) is facing mounting bullish pressure, and recent market trends suggest a possible surge towards the $0.1144 mark. The price action reflects a continued bullish Strengthening, favoring the bulls and raising concerns about further gains. Technical indicators and market conditions point to an increasing probability of an increase, targeting the key resistance level of $0.1144.
This article provides a comprehensive analysis of the current Dogecoin bullish trend and the likelihood of a price increase towards the $0.144 level by analyzing the current market sentiment and key indicators. technical indicators pointing to a potential increase.
DOGE price has decreased by 0.30%, trading at approximately $0.1047 over the past 24 hours, with a market cap of over $15 billion and a trading volume of over $531 million at the time of writing. DOGE’s market cap and trading volume are also down by 0.31% and 32.96% respectively.
Technical indicators: analysis of signals pointing to a drop of $0.09
Currently, Dogecoin price on the 4-hour chart has seen an upward move, advancing above the 100-day simple moving average (SMA) towards the $0.1144 mark. Since breaking this key resistance level, the digital asset has seen a steady uptrend, suggesting that bulls are taking control and could push the price further.
Furthermore, an analysis of the 4-hour Relative Strength Index (RSI) shows that the indicator's signal line has successfully broken above 50% and is currently heading towards 60%, suggesting that buying is a good idea. pressure is increasing and the asset could experience further upward movement.
On the 1-day chart, although Dogecoin is still trading below the 100-day simple moving average (SMA), the price is currently attempting an upward move towards the $0.1144 resistance level, which means that the bulls are still in control and could potentially push the price higher.
Finally, on the 1-day chart, the RSI signal line has risen more than 40% from the oversold zone and is currently approaching 50%, indicating growing bullish momentum for the cryptocurrency.
Possible Scenarios: What Happens If Dogecoin Hits $0.1144?
As Dogecoin The bullish sentiment continues to grow and is expected to approach the next key resistance level at $0.1144. If the price breaks and closes above this level, level, it can continue its bullish move towards the next resistance point at $0.1293 and potentially advance to even higher areas.
However, if DOGE finds resistance at the $0.1144 mark and experiences a rejection, it could start falling towards the $0.0914 level. In any case, if the price breaks below this support range, it could signal a fresh bearish move, leading to further declines towards the $0.0745 level and beyond.
Featured image from iStock, chart from Tradingview.com
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