- Dogecoin price continues to face strong rejection against a near-term resistance cluster.
- A series of Fibonacci, Ichimoku, and volume levels may prolong DOGE’s trading range.
- The conviction of sellers is being tested.
Dogecoin price has moved over 13% higher from Monday’s open but was halted against a strong Ichimoku resistance level. Despite the rejection, DOGE is still up nearly 10% from the Monday open. But that gain may be at risk of being lost.
Dogecoin price struggles to crack $0.14 resistance; failure to do so soon could trigger another wave of selling
Dogecoin price is at an inflection point for bulls. The $0.14 price contains the 23.6% Fibonacci retracement, the 2022 Volume Point Of Control, and the daily Kijun-Sen. In addition, $0.14 represents the closest and strongest resistance level on the daily chart for DOGE.
Adding insult to injury is a series of primary resistance levels above $0.14:
- 38.2% Fibonacci retracement and bottom of the Ichimoku Cloud (Senkou Span A) at $0.15.
- 50% Fibonacci retracement at $0.16.
- Top of the Ichimoku Cloud (Senkou Span B) and 61.8% Fibonacci retracement at $0.17.
On a positive note, if Dogecoin price does push through these resistance zones and close at or above $0.18, it will enter into an Ideal Bullish Ichimoku breakout. From there, DOGE enters a price range where it is easier to move higher, than lower. Additionally, the ascent is likely to be faster the higher DOGE moves. A move to the $0.25 level as the next primary resistance zone should be void of any major resistance levels.
DOGE/USDT Daily Ichimoku Kinko Hyo Chart
Downside risks do remain, and they are significant. Any daily close below $0.12 could trigger a flash-crash into the $0.08 to $0.09 price levels. The extended 2021 Volume Profile is extremely thing between $0.12 and $0.08. In that scenario, any near-term bullish outlook would be invalidated.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.