Bitcoin and Dogecoin Show Strong Recovery As Dogecoin Eyes Next Major Resistance
By: Isha Das
In the world of cryptocurrency, Bitcoin-based meme coins are glittering with price gains, while Dogecoin has undergone a significant correction and is striving for a new surge. Recent market movements have seen Bitcoin meme coins defy downturn predictions, thanks to a dog-themed token which has calmed fears about the 'Runes' project's decline.
Dogecoin (DOGE) experienced a drop, testing the $0.1620 support zone against the US Dollar. Despite this setback, DOGE is building a base and might initiate a fresh increase beyond the $0.1680 resistance. After peaking near $0.1750, DOGE faced resistance and has since been consolidating. However, as DOGE tries to stabilize, it is now trading below $0.1650 and the 100-hourly simple moving average.
Technical analysis shows that Dogecoin’s next major resistance lies at $0.1685 on its hourly chart, with significant support around $0.1620. Notably, DOGE needs to break past the $0.170 mark to move into a positive zone and potentially hit upwards of $0.1750. The meme coin is confronting resistance near the $0.1685 level, which coincides with the 76.4% Fib retracement of its recent low-to-high move. A breach here could propel DOGE further, with the next major target for bulls at around $0.1800.
A potential downside risk remains if Dogecoin fails to surpass $0.1685. Key support levels are identified at $0.1620, $0.1550, and $0.1520. A failure here could lead to more substantial declines. Currently, the hourly MACD indicates a waning momentum in the bearish zone, while the RSI is below 50, pointing to a consolidating market position.
Overall, while market volatility persists, the resilience of DOGE and other meme coins instill a sense of optimism among investors. Analysts are keeping a close watch on DOGE's performance as it navigates through its current resistance barriers, anticipating whether it can embark on a new upward trajectory.
For detailed and specific crypto investment advice, always consult trusted sources or professionals.
