Dogecoin Bulls Show Strength As DOGE Path Toward $0.1144 Solidifies
The post Dogecoin Bulls Show Strength As DOGE Path Toward $0.1144 Solidifies appeared on BitcoinEthereumNews.com.
As bearish momentum intensifies, Dogecoin (DOGE) is facing increasing upward pressure, with recent market trends suggesting a potential increase toward the $0.1144 mark. The price action reflects a continued bullish strength, favoring the bulls and raising concerns about further gains. Technical indicators and market conditions point to a growing likelihood of a rise, targeting the $0.1144 key resistance level. This article offers a comprehensive analysis of Dogecoin’s current bullish trend and the likelihood of a price increase toward the $0.144 level by analyzing the current market sentiment and key technical indicators pointing to a potential increase. The price of DOGE has decreased by 0.30%, trading at about $0.1047 in the last 24 hours, with a market capitalization of more than $15 billion and a trading volume of more than $531 million as of the time of writing. DOGE’s market cap and trading volume were also down by 0.31% and 32.96% respectively. Technical Indicators: Analyzing Signals Pointing To A $0.09 Decline Currently, the price of Dogecoin on the 4-hour chart has been on a bullish move advancing above the 100-day Simple Moving Average (SMA) toward the $0.1144 mark. Since breaching this key resistance level, the digital asset has experienced a consistent upward trend, suggesting that bulls are taking control and could further drive the price higher. DOGE rises above the 4-hour SMA | Source: DOGEUSDT on Tradingview.com Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 50% and is currently heading to 60%, suggesting that buying pressure is increasing and the asset might experience further upward movement. On the 1-day chart, although Dogecoin is still trading below the 100-day SMA, the price is currently attempting a bullish move toward the $0.1144 resistance level, which means that the bulls…
Filed under: News - @ August 11, 2024 8:14 am