Lorenzo Stroe
Independent Analyst
- Dogecoin price had a bullish breakout from a key pattern on the 4-hour chart.
- The digital asset has re-tested the previous resistance level and aims for a 40% rebound.
- However, on-chain metrics show that DOGE faces many barriers ahead.
Dogecoin price has been trading inside a downtrend since February 8 as the hype surrounding the project has faded away, especially after the last announcement from Elon Musk. Nonetheless, the digital asset seems ready for an excellent rebound towards $0.076.
Dogecoin price on the brink of a 40% move
On the 4-hour chart, Dogecoin price had a breakout above a descending triangle pattern with a target of 40% towards $0.076. After the initial spike to $0.064, the digital asset dropped to re-test the previous resistance level, now turned into support, which has held so far.
DOGE/USD 4-hour chart
There is a critical resistance level formed at $0.06, which coincides with the 50-SMA and the 100-SMA points. A clear breakout above this key level will quickly push Dogecoin price up to $0.076 in the short-term.
DOGE IOMAP chart
However, the In/Out of the Money Around Price (IOMAP) model shows steep resistance ahead above $0.054 until $0.06, which gives the upper hand to the bears. The most significant support area is located between $0.048 and $0.049, which means a fall towards this range is likely.
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
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.