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The Dogecoin price surged over 14% in the last 24 hours to trade at $0.1841 at press time.
The Dogecoin Price Shows No Signs Of Slowing Down
4-hour chart for DOGE/USDT (Source: TradingView)
In the last 48 hours, the Dogecoin price has showcased significant momentum, as observed through the recent closing prices on its 4-hour chart. The sequence of closing prices began at $0.17178, gradually ascending through $0.17837, $0.18196, and peaking at $0.19586 before a slight retracement to $0.18143. This pattern indicates a bullish trend, with prices consistently closing above both the 9 and 20 Exponential Moving Averages (EMAs), suggesting strong buyer presence in the market.
The 9 EMA has seen an upward trajectory, while the 20 EMA moved from $0.14505 to $0.15812, further confirming the bullish trend as the price remains above these key moving averages. These moving averages serve as dynamic support levels that have been trailing the price uptrend, providing potential entry points for bullish traders.
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With Moving Average Convergence Divergence (MACD) also indicates increasing bullish momentum. The divergence between the MACD and its signal line underscores the strength of the current uptrend. This is an optimistic sign for bulls, as it suggests sustained buying pressure.
The Relative Strength Index (RSI) indicates that the Dogecoin price was in an overbought territory, signaling strong buying interest. However, the recent dip in RSI could suggest a temporary cooling-off or consolidation phase, which might offer a strategic entry point for traders.
Key Levels To Watch
In terms of potential movements, the key support and resistance levels to watch include $0.15170, $0.13131 and $0.11732. These levels could serve as crucial points for potential reversals or accelerations of the current trend. Traders might consider these levels for setting up stop-loss orders or for identifying potential areas for taking profits.
Given the current bullish indicators, traders looking for long positions might target entries near the dynamic supports provided by the moving averages or during minor pullbacks. Conversely, those considering short trades should proceed with caution, given the prevailing bullish sentiment, and might want to wait for clear signs of momentum reversal before entering.
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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