Dogecoin Faces Critical Test at $0.3750 Resistance Level After 11% Rally

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MARKETS TREND

Recent price action shows Dogecoin (DOGE) consolidating in a significant trading range, with technical indicators pointing to key levels that traders are watching closely.

Dogecoin Faces Critical Test at $0.3750 Resistance Level After 11% Rally

DOGE/USD has been displaying notable volatility while maintaining its position as one of the most-watched digital assets in the market.

Dogecoin Price Analysis

Having seen an 11% increase in recent trading sessions, DOGE is now trading around $0.38. Technical study exposes numerous important pricing levels that might affect near-term price behavior:

  • Immediate resistance: $0.3680
  • Key resistance level: $0.3750
  • Critical support: $0.3380
  • Secondary support: $0.3250

The asset shows some near-term bearish pressure since its trading below its 100-hour simple moving average. On the hourly chart, a noteworthy bearish trend line has developed with resistance around $0.3650.

DOGE/USD Technical Analysis

DOGE/USD

 

The present technical setup displays mixed signals:

  • The MACD (Moving Average Convergence Divergence) indicator is showing momentum in the bearish zone
  • The Relative Strength Index (RSI) is trading below the 50 level, indicating moderate selling pressure
  • Price action is forming a consolidation pattern below key resistance levels

Short-Term Dogecoin Price Prediction

For bullish continuation, DOGE needs to clear several technical hurdles:

  • Break above the immediate resistance at $0.3680
  • Successful close above the $0.3750 level
  • Maintain support above $0.3380 to prevent further downside

Failure to maintain these levels could lead to a retest of lower support zones, potentially reaching the $0.3250 area.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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