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The Dogecoin price pumped over 3% in the last 24 hours to trade at $0.1872 at press time.
The Dogecoin Price Escapes a Bearish Channel
4-hour chart for DOGE/USDT (Source: TradingView)
In recent trading sessions, the Dogecoin price has shown notable activity on the 4-hour chart, providing valuable insights for traders and investors. The closing prices have demonstrated a slight upward trend over the past 48 hours. This incremental climb suggests a growing bullish sentiment in the market, albeit with careful consideration of the technical indicators.
The 9 Exponential Moving Average (EMA) and the 20 EMA offer deeper insights into DOGE’s momentum. Over the last five 4-hour candles, the 9 EMA values have slightly increased, closely tailing the closing prices and indicating a potential support level that bulls might capitalize on. However, the 20 EMA tells a more cautious tale, with values steadily decreasing, suggesting a resistance level that might be harder to breach in the short term.
The Moving Average Convergence Divergence (MACD) presents a nuanced view, highlighting a slight bearish bias as the MACD line remains below the signal line across the recent period. Despite this, the histogram’s values have been narrowing, indicating a potential decrease in bearish momentum and the possibility of a bullish crossover in the near future.
The Relative Strength Index (RSI) has been steadily increasing, moving away from the oversold territory. This upward movement in the RSI points towards increasing buying pressure, yet it’s crucial to note that the market is not yet in the overbought zone, leaving room for potential upward movements.
Key Levels to Watch
The current price dynamics place DOGE within a crucial trading range. Resistance levels are set at $0.18623, $0.19586, and a more robust ceiling at $0.22213. Support levels are identified at $0.1814, with further cushions at $0.17056 and $0.1675. Traders might consider these levels for potential entry and exit points, with a close eye on the 9 EMA for bullish entries and the 20 EMA for bearish signals.
Given the technical indicators, traders should remain cautious. The bullish signs from the RSI and the narrowing MACD histogram could suggest potential long positions, especially if DOGE manages to breach the immediate resistance at 0.18623 USDT. Conversely, a drop below the $0.1814 support could open short positions, aiming for the lower support levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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