Dogecoin (DOGE/USD) Surges Past $0.16: Can It Hold and Target $0.18 Next?
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The analysis of yesterday’s daily movers indicates a bullish recovery in the Dogecoin market after finding support, which served as a pivotal launchpad for upward movement. However, the market encountered strong resistance at the $0.16 level, a historically significant threshold that challenged the ongoing recovery. While it was initially expected that Dogecoin might struggle to breach this level before establishing a clear direction, today’s market surprised with a decisive break above the $0.16 resistance, achieving a nearly 10% gain and bringing the price close to $0.17. This shift suggests a strong underlying momentum supporting the bullish trend. Nevertheless, as the market eyes a potential move toward $0.18, it may still encounter resistance at this level.
Dogecoin Market Data
- DOGE/USD Price Now: $0.168
- DOGE/USD Market Cap: $ 25.17 billion
- DOGE/USD Circulating Supply: 146.6 billion
- DOGE/USD Total Supply: 146.6 billion
- DOGE/USD CoinMarketCap Ranking: #8
Key Levels
- Resistance: $0.18, $0.19, and $0.20
- Support: $0.13, $0.12, and $0.11.
The Dogecoin Market Through the Lens of Indicators
The breakout above the $0.16 level is a strong catalyst, likely to drive increased bullish sentiment in the market, which underscores the significance of the current bullish candlestick. However, the slight upper shadow on the candlestick could indicate emerging bearish sentiment as the price approaches the $0.18 mark. A minor market correction may be expected, especially considering the Bollinger Bands, which show high volatility with a broad bandwidth. Additionally, the trading volume indicator displays significant histogram bars, signaling substantial investor interest. Should the market peak around $0.18, we may see a potential pullback with $0.16 acting as a new higher support level.
DOGE/USD Price Prediction: 4-Hour Chart Analysis
Analyzing yesterday’s 4-hour chart, a gravestone doji appeared, typically regarded as a bearish reversal crypto signal. Although the market briefly dipped, the prevailing bullish momentum ultimately drove a significant price surge, invalidating the anticipated bearish reversal. With this threshold now broken, the market may continue its upward trend, potentially reaching $0.18.
