As the bearish momentum intensifies, Dogecoin (DOGE) is facing increasing bullish pressure, with recent market trends pointing to a potential surge towards the $0.1144 mark. The price action reflects the continuation of the rising Strength, in favor of bulls and raising concerns about further gains. Technical indicators and market conditions point to an increasing possibility of an upside, targeting the key resistance level at $0.1144.
This article provides a comprehensive analysis of Dogecoin’s current bullish trend and the potential price rally towards the $0.144 level by analyzing the current market sentiment and key factors. Technical indicators Indicates a possible increase.
DOGE price is down 0.30%, trading at around $0.1047 in the last 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 down 0.31% and 32.96%, respectively.
Technical Indicators: Analyzing signals that indicate a $0.09 decline
Currently, Dogecoin price on the 4-hours chart is moving higher and advancing above the 100-day simple moving average (SMA) towards $0.1144. Since breaking this key resistance level, the digital asset has been witnessing a steady uptrend, suggesting that bulls are in control and could push the price higher.
In addition, the 4-hour Relative Strength Index (RSI) analysis shows that the indicator’s signal line has successfully risen above 50% and is currently heading towards 60%, indicating a buy pressure On the rise and the asset may see further upward movement.
On the 1-day chart, although Dogecoin is still trading below the 100-day simple moving average, the price is currently trying to move higher towards the $0.1144 resistance level, which means that the bulls are still in control and could push the price higher.
Finally, on the daily chart, the RSI signal line has risen more than 40% from the oversold zone and is currently approaching 50%, indicating increasing bullish momentum for the cryptocurrency.
Possible Scenarios: What Will Happen If Dogecoin Price Reaches $0.1144?
like Dogecoin Bullish sentiment continues to build and the next major resistance level at $0.1144 is expected to approach. If the price breaks this level and closes above it, However, the price may continue to move upward towards the next resistance point at $0.1293, and may advance to higher areas.
However, if DOGE faces resistance at $0.1144 and is rejected by anyone, it could start a decline towards $0.0914. In any case, a break below this support range could signal another bearish move, leading to additional declines towards $0.0745 and beyond.
Featured image by iStock, chart by Tradingview.com
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