- 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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
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.