I haven’t paid attention to small currencies for a long time, except for the few issues of Dogecoin I talked about in the video before. I have been busy bringing my member friends recently, and as requested by fans, I just have time today to share some of my personal views.
Dogecoin price found support near the $0.1220 area after declining. The low was formed at $0.1228, which also recently started a nice rise, just like BTC and ETH. There was a steady rise above the $0.1320 and $0.1350 resistance levels.
The price also broke above the 0.1228% Fib retracement level of the decline from the $0.206 high to $0.192 low at the 4-hours level. There was also a break above a key bearish trend line with resistance near $0.1310.
On the 4-hour level, the current price of Dogecoin is still below the $0.160 level and the 100MA, but on the bright side, the price is around 0.158 or the 50% Fib retracement from the high of 0.192 to the low of 0.1225 Face resistance near the position.
Then the next major resistance level is around $0.1650. If the closing price is higher than the resistance level near $0.1650, then I personally think the price may reach the resistance level of $0.1850. The next major resistance level will be near $0.200. If there is further rise near 0.200 later, then we can expect the price to reach $0.220.
But if the price of Dogecoin fails to break through $0.160, I personally think it may start another decline. Initial support on the downside is near $0.1450, while the next major support is near $0.130. If the price subsequently breaks below the $0.130 support, further declines are possible. Especially friends who are doing Dogecoin contracts need to pay attention, the price may drop to $0.1150.
Technical indicators attached:
The 4-hour MACD currently has some strength in the bullish zone, and the RSI is currently above the 50 level. The main support levels are $0.1450, $0.130 and $0.1150. The main resistance levels are $0.1580, $0.160 and $0.1650.
To sum up, Dogecoin’s recovery from $0.1220 must first break through the $0.1650 resistance level before it can start rising again towards $0.200. The early decline also tested support at $0.1220 against the US dollar, with the price on the 4-hour level below the $0.1650 level and the 100 MA.
There is also a break above a key bearish trend line with resistance at $0.1310 on the 4-hours chart. So if the price breaks through the $0.1600 and $0.1650 resistance levels, I personally remain bullish on Dogecoin.
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