Table of ContentsToggle
The Dogecoin price printed a slight loss in the last 24 hours to trade at $0.2087 at press time.
The Dogecoin Price Rejected by Resistance
4-hour chart for DOGE/USDT (Source: TradingView)
The Dogecoin price has recently shown intriguing market movements on the 4-hour chart that merit a closer look.
The latest sequence of closing prices for DOGE shows a slight uptrend from $0.20872 to $0.21408, before a minor correction set in, bringing it down to $0.21162. This movement is closely mirrored by the 9 EMA and 20 EMA lines, which have gradually ascended as well. The fact that the closing prices are consistently above the 9 EMA and significantly higher than the 20 EMA suggests a bullish undertone in the market, indicating that the upward momentum might continue.
The MACD has shown a slight decrease in its value over the last few periods. Despite the MACD line remaining above the signal line for the most part, the decreasing histogram values, especially the move into the negative territory in the last two periods, suggest a weakening of bullish momentum. Concurrently, the RSI levels have hovered around the 60 mark, indicating that while the market is not overbought, the bullish strength might be waning.
For traders and investors keeping a close eye on Dogecoin, key levels to watch are the resistance at $0.22718 and the support levels at $0.17056 and $0.1675. The current market positioning suggests that a bullish breakout above $0.22718 could open the door for further upside, whereas a break below the support levels could signal a bearish phase.
Potential Trade Ideas
Considering the mixed signals from technical indicators, traders might look for potential entry points for long positions around the support levels, especially if there are signs of a bullish reversal. Conversely, should the price fail to hold above these supports, it could offer short trading opportunities with an exit strategy above the resistance level to mitigate risks.
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.
Comments