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.
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.
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.
Featured image from iStock, chart from Tradingview.com