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Dogecoin

Dogecoin Bulls Show Strength As DOGE Path Toward $0.1144 Solidifies

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As bearish momentum intensifies, Dogecoin (DOGE) is facing increasing upward pressure, with recent market trends suggesting a potential increase toward the $0.1144 mark. The price action reflects a continued bullish strength, favoring the bulls and raising concerns about further gains. Technical indicators and market conditions point to a growing likelihood of a rise, targeting the $0.1144 key resistance level.

This article offers a comprehensive analysis of Dogecoin’s current bullish trend and the likelihood of a price increase toward the $0.144 level by analyzing the current market sentiment and key technical indicators pointing to a potential increase.

The price of DOGE has decreased by 0.30%, trading at about $0.1047 in the last 24 hours, with a market capitalization of more than $15 billion and a trading volume of more than $531 million as of the time of writing. DOGE’s market cap and trading volume were also down by 0.31% and 32.96% respectively.

Technical Indicators: Analyzing Signals Pointing To A $0.09 Decline

Currently, the price of Dogecoin on the 4-hour chart has been on a bullish move advancing above the 100-day Simple Moving Average (SMA) toward the $0.1144 mark. Since breaching this key resistance level, the digital asset has experienced a consistent upward trend, suggesting that bulls are taking control and could further drive the price higher.

Dogecoin
DOGE rises above the 4-hour SMA | Source: DOGEUSDT on Tradingview.com

Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% and is currently heading to 60%, suggesting that buying pressure is increasing and the asset might experience further upward movement.

On the 1-day chart, although Dogecoin is still trading below the 100-day SMA, the price is currently attempting a bullish move toward the $0.1144 resistance level, which means that the bulls are still in control and could potentially push the price higher.

Dogecoin
DOGE heading to $0.1144 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Finally, on the 1-day chart, the RSI signal line has climbed more than 40% from the oversold zone and is currently approaching 50%, indicating growing bullish momentum for the cryptocurrency.

Potential Scenarios: What Happens If Dogecoin Reaches $0.1144?

As Dogecoin’s bullish sentiment continues to grow, it is expected to approach the next key resistance level at $0.1144. Should the price break and close above this level, it may continue its bullish move toward the next resistance point at $0.1293 and potentially advance to even higher areas.

However, if DOGE encounters resistance at the $0.1144 mark and experiences a rejection, it could start to decline toward the $0.0914 level. On any account the price break below this support range, it may signal a further bearish move, leading to additional declines towards the $0.0745 level and beyond.

Dogecoin
DOGE trading at $0.10449 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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