Dogecoin Price Approaches Key Resistance Level of $0.18
The Dogecoin price is approaching the significant $0.18 mark, previously an all-time high for the cryptocurrency. This recent price movement has attracted attention from traders and long-term holders, raising speculation about a potential breakout. The question remains whether Dogecoin can overcome its resistance level to reach new heights.
This article examines Dogecoin's recent price surge and evaluates its potential to surpass the pivotal $0.18 resistance through technical analysis and current market sentiment, providing insights into the factors driving DOGE's rally.
Bullish Momentum Builds For Dogecoin Price
DOGE has consistently traded above the 100-day Simple Moving Average (SMA) on the 4-hour chart, indicating sustained upward momentum. This trend suggests continued support for further gains, with buyers demonstrating resilience at key levels. Recently, Dogecoin rebounded from the $0.149 support level, enhancing positive market sentiment and buyer interest.
Analysis of the 4-hour Relative Strength Index (RSI) shows increased bullish potential, as it has risen from the oversold zone to 65%. This upward movement indicates growing buying momentum, suggesting a shift from bearish to neutral or potentially bullish territory.
The daily chart indicates strong upward movement for Dogecoin, characterized by a series of positive candlesticks reflecting consistent buying pressure. DOGE’s position above the 100-day SMA signals ongoing strength in this uptrend. As Dogecoin approaches the $0.18 resistance level, market sentiment continues to improve, creating an environment conducive to further gains.
The daily RSI is currently at 65%, recovering from a dip to 56%. Continued ascension of the RSI could indicate strengthened price action for DOGE. Sustaining a position above 60% may enhance the likelihood of continued bullish momentum and potential breakouts.
Will DOGE Power Through Or Pull Back?
As Dogecoin nears the crucial $0.18 resistance level, speculation regarding its capacity for further gains intensifies. A successful breach of this threshold could lead to a significant rally, possibly resulting in new all-time highs.
Conversely, failure to surpass this resistance may trigger profit-taking, potentially causing a decline toward the $0.149 support level and other downside targets.
