DOGE is making a concerted effort to surpass the $0.0786 mark after facing three consecutive unsuccessful attempts.
FUNDAMENTAL OVERVIEW
- The Dogecoin price is initiating its fourth endeavor to overcome the crucial $0.0786 resistance level, aiming for a target of $0.0850.
- A potential 10% increase is on the horizon, driven by optimistic on-chain metrics and heightened engagement from the cryptocurrency community for this prominent meme coin.
The Dogecoin (DOGE) price is showing resilience, persisting in its upward trajectory despite facing repeated rejections at a significant supply barrier. The allure of reaching the $0.0850 mark continues to drive its momentum.
The Dogecoin price has its sights set on $0.0850 with a clear intention.
The value of Dogecoin (DOGE) has surged by 7% following a three-day decline from November 12 to 14, where it found support at the $0.0722 level. This drop occurred after encountering resistance at the pivotal $0.0786 midline of the supply zone, a significant barrier impeding DOGE’s progress.
Despite this hurdle, DOGE remains under the influence of bullish momentum, evident in the upward trend of the Relative Strength Index. The positive territory maintained by the Awesome Oscillator (AO) further strengthens the case for an upward trajectory, suggesting that Dogecoin could successfully overcome the obstacle.
DOGECOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview
Dogecoin is currently trading within an up channel.
Dogecoin is positioned above all Moving Averages (SMA).
The Relative Strength Index (RSI) is in the buying zone, while the Stochastic oscillator suggests a positive trend.
Immediate Resistance level: 0.78
Immediate support level: 0.74
HOW TO TRADE DOGECOIN
Following a decline, Dogecoin found support, and briefly rebounded but struggled to maintain the upward momentum, leading to another fall. After this decline, Dogecoin made another attempt to rise, and the price started ascending with strength. Currently, the price is trading at a crucial resistance zone, and a breakthrough in this zone could potentially lead to further upward movement.
TRADE SUGGESTION- STOP BUY– 0.79, TAKE PROFIT AT- 0.85, SL AT- 0.75.