Dogecoin (DOGE/USD) Maintains Bullish Momentum Despite Rejection at $0.18
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In recent Dogecoin (DOGE) market analysis, the price surged impressively, approaching the $0.18 level. This strong upward momentum positioned $0.18 as a potential take-profit point, where a reversal indeed occurred. As profit-taking ensued, the $0.16 level could not hold as higher support to sustain the bullish trend. Instead, support has emerged around $0.15, from which the market now faces resistance at the $0.16 mark—a level that previously failed as support amid the correction.
October was notably bullish for Dogecoin, raising hopes that this upward trend may extend into November.
Dogecoin Market Data
- DOGE/USD Price Now: $0.157
- 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
Traders are now closely monitoring the $0.15 level, as the key question remains: will the bulls gather strength here to keep the market on an upward trajectory? A drop below this level could see Dogecoin moving toward support around $0.14. As Dogecoin continues to climb, the overall market can still be considered bullish, especially since the recent correction has stayed above the 20-day moving average, highlighting sustained upward momentum.
The Bollinger Bands further reinforce this sentiment, with their upward slope indicating strong bullish momentum, while their widening suggests increased volatility—likely a result of the recent price surge. If bulls can establish firmer support near $0.15, they may apply pressure at the $0.18 resistance level, potentially breaking through to higher price targets.The Relative Strength Index (RSI) currently sits at 60, with bands tracing upward. This suggest that there might still be room for more bullish actions in the market. Also, the Volume of trade indicator remains robust, traders interests is on the high side.
DOGE/USD Price Prediction: 4-Hour Chart Analysis
A closer examination of the 4-hour chart reveals a rebound, but resistance is evident at the $0.16 level. Historically, this price point has been a key resistance area, where price action has often stalled in previous sessions, which could signal some bearish bias around this level. However, a break above $0.16 would indicate that the Dogecoin bulls have regained momentum to push the market higher.
Currently, the 4-hour chart shows a gravestone doji—a bearish crypto signal for bullish traders. However, if bulls remain resilient, a period of consolidation may occur around this level before the market chooses a clear direction.
