Lorenzo Stroe
Independent Analyst
- Dogecoin price continues trading inside a descending triangle pattern on the 1-hour chart.
- The digital asset is close to a significant 20% breakout if it can beat a key resistance level.
- DOGE bulls must defend two important support levels to remain in control.
Dogecoin has been extremely volatile in the past week but has settled down in the past 24 hours. The digital asset has been trading sideways and awaits a potential 20% move to the upside if bulls can remain in control.
Dogecoin price must stay above this level to a chance of a 20% breakout
On the 1-hour chart, Dogecoin has established a descending triangle pattern with a resistance trendline located at $0.075. The current price of Dogecoin at $0.073 is right at a key support level where the 50-SMA and the 100-SMA levels converge.
DOGE/USD 1-hour chart
If the bulls can defend this key support level, Dogecoin price can quickly jump towards the upper trendline resistance at $0.075. A breakout above this point leads to a 22% move towards $0.09.
DOGE IOMAP chart
However, if Dogecoin price falls below $0.073, the next bearish price target would be the lower boundary of the descending triangle at $0.066. The In/Out of the Money Around Price (IOMAP) chart gives the upper hand to the bears as it shows a strong resistance level above $0.073. The most significant support area is located between $0.068 and $0.07 with 2.17 billion DOGE in volume, losing this range can quickly push Dogecoin price to the price target of $0.066.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains
Bitcoin steadies above $60,000 on Friday, gains over 1% on the day. Ethereum trades above $2,400, while BlackRock Spot Ethereum ETF sees a $17.8 million inflow on Thursday. XRP is back above $0.5300 as Ripple files cross-appeal in SEC lawsuit.
Cardano celebrates milestone: Hosts Argentina’s first legally enforceable smart contract
Cardano ambassador Mauro Andreoli recently announced Cardano’s milestone of Argentina’s first legally and judicially enforceable contract. The first loan agreement in Cardano under Argentine law involves a loan of 10,000 ADA tokens, currently valued at $3,380.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finds support around $60,000
Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.
SEC sues Cumberland DRW for acting as an unregistered securities broker, Solana ETFs at risk
SEC sued crypto trading company Cumberland DRW for allegedly acting as an unregistered broker. Solana was among five cryptocurrencies the SEC alleged to be securities sold via the platform.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.