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Sujit Kumar
Nov 4, 2024
by Sujit Kumar

Dogecoin Price Targets Recovery Amid Key Resistance Levels

Dogecoin Price Targets Recovery
Dogecoin (DOGE) has recently dipped from the $0.180 mark against the US Dollar, testing support near $0.1420 before attempting a recovery. DOGE’s latest downturn followed a failure to break past the $0.180 resistance, mirroring the movements of major cryptocurrencies like Bitcoin and Ethereum. DOGE currently trades below $0.1650 and the 100-hour simple moving average, which presents immediate hurdles in its recovery.

A key bearish trend line is forming resistance around the $0.1580 level on DOGE’s hourly chart, acting as a significant barrier. Clearing the $0.1550 and $0.1580 levels is crucial for DOGE to regain upward momentum.

Potential for DOGE to Regain Momentum

If DOGE breaks through $0.1580, the next target is the $0.1600 resistance, which could prompt further gains toward the $0.1650 mark. In such a scenario, the 61.8% Fib retracement level from DOGE’s $0.1790 high to the $0.1422 low might serve as a potential next stop for bullish momentum. Breaking past these levels could lead to a test of $0.1720, giving the token a stronger position to attempt an upward trajectory.

Another Decline Could Be on the Horizon

If DOGE is unable to surpass the $0.1550 resistance, a renewed decline could ensue. Initial support is close to $0.1480, with a stronger support level at $0.1420. A break below this could lead to further downside, potentially pushing DOGE into a consolidation phase.

At present, DOGE’s movement hinges on its ability to clear critical resistance levels, positioning it either for a gradual recovery or another dip in the near term.

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 Dogecoin Price Targets Recovery
Dogecoin Price Targets Recovery Amid Key Resistance Levels
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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