#Dogecoin #DOGE #Cryptocurrency #DigitalCurrency #CryptoMarket #Trading #Investment #BullishTrend
Dogecoin has recently showcased a remarkable performance in the cryptocurrency market, with its value surging over 25% against the US Dollar, indicating a positive momentum for the digital currency. This upward movement began after DOGE successfully breached the resistance level of $0.0850, propelling the cryptocurrency into a bullish zone. The surge continued as DOGE cleared the critical $0.120 resistance, positioning the coin above the 100 simple moving average (4 hours), which further solidified its uptrend status. Notably, the breakout above a key contracting triangle on the DOGE/USD pair’s 4-hour chart, according to data from Kraken, played a significant role in this ascent, hinting at a possible continuance of this bullish trajectory towards the $0.132 resistance level and potentially beyond.
The momentum gained by Dogecoin is part of a broader positive trend observed in the crypto market, similar to gains witnessed by leading cryptocurrencies like Bitcoin and Ethereum. The coin not only surpassed the $0.100 mark, aligning itself with these major cryptocurrencies in the positive zone but also set a new multi-week high around $0.1282. Despite some corrective behavior, DOGE’s price remains well above significant technical levels, and the cryptocurrency is trading well over the 23.6% Fibonacci retracement level of its recent surge. Looking forward, if DOGE manages to break above key resistance levels at $0.1280 and $0.1320, the door could open for further gains towards $0.1450 and $0.150 resistance levels, with the potential to touch $0.1620. Conversely, if the upward momentum stalls and the price undergoes a correction, initial support is found at $0.120, with more substantial support near $0.1065, which corresponds to the 50% Fibonacci retracement level of the recent rally.
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