The post Breaking down Dogecoin’s bullish trends and resistance challenges appeared on BitcoinEthereumNews.com.

DOGE has remained in a bullish trend. It was trading at around $0.108 as of press time.  Dogecoin [DOGE] has recently broken a significant Relative Strength Index (RSI) level, indicating a positive trend. However, despite this bullish signal, other indicators suggest that DOGE requires more substantial momentum to consolidate gains or move higher. Dogecoin enters critical Fibonacci levels Currently trading at $0.108, down 1.77%, Dogecoin shows a slight bearish movement in the short term. The 50-day moving average (yellow) is $0.1023, and the 200-day moving average (blue) is $0.1371. Trading below both moving averages suggests a bearish long-term trend for Dogecoin. Key Fibonacci levels highlight the current price around the 0% retracement level of $0.11087, acting as immediate resistance. The next significant resistance is at the 23.6% Fibonacci retracement level of $0.11796, while support levels are at $0.09230 (38.2% level) and $0.08084 (100% retracement). Source: TradingView If Dogecoin can break above the 50-day moving average and surpass the $0.11087 resistance level, it could target the 23.6% retracement level at $0.11796. A sustained move above this level would confirm a shift in momentum, aiming for the next resistance at $0.12943 (61.8% retracement). Overall, DOGE is in a consolidation phase and could break out above current resistance levels with sufficient momentum. Can Dogecoin garner enough trading volume? According to CoinMarketCap data, Dogecoin’s market capitalization is around $15.7 billion. Over the past seven days, its price has grown by over 2%, the lowest among the top memecoins. Further analysis shows that the trading volume is approximately $506 million as of this writing, with decreased activity in the last 24 hours. While weekends typically see lower trading volumes, Dogecoin will need a significant increase in volume to break through the next Fibonacci resistance level. Active addresses show declining activity Another metric crucial to Dogecoin’s…

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Filed under: News - @ September 23, 2024 12:03 am