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Sujit Kumar
May 17, 2024
by Sujit Kumar

Dogecoin Price Holds Key Support, Eyes Fresh Surge Above $0.1540

Dogecoin Price Holds Key

Table of contents

  1. Recent Price Movements
  2. Key Resistance Levels
  3. Support Levels and Potential Decline
  4. Conclusion
Dogecoin (DOGE) recently corrected its gains, testing the $0.150 zone against the US Dollar. Despite this correction, DOGE is forming a base and shows signs of a potential fresh increase above $0.1520.

Recent Price Movements

DOGE price surged towards $0.160 before experiencing a pullback. It is currently trading above the $0.150 level and the 100-hourly simple moving average. A key bullish trend line is forming with support at $0.1485 on the hourly chart of the DOGE/USD pair, according to Kraken data.

Key Resistance Levels

On the upside, Dogecoin faces resistance near the $0.1515 level, close to the 23.6% Fibonacci retracement level of the downward move from the $0.1594 swing high to the $0.1488 low. The next significant resistance is at $0.1540, corresponding to the 50% Fibonacci retracement level of the same downward move. A close above this resistance could propel DOGE towards the $0.160 mark, with further gains potentially driving the price to $0.1650 and even $0.1720.

Support Levels and Potential Decline

If Dogecoin fails to break past the $0.1540 resistance, it may face another decline. Initial support is near the $0.150 level and the trend line. The next major support lies at $0.1445. A break below this level could see the price drop further towards $0.1350.

Conclusion

Dogecoin’s price action indicates a consolidation phase with a potential for a fresh surge above key resistance levels. Holding above $0.150 and breaking past $0.1540 are critical for bullish momentum. Investors should watch these levels closely to gauge the next direction for DOGE.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Dogecoin Price Holds Key Support, Eyes Fresh Surge Above $0.1540
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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