Anika Begay
As the bearish momentum intensifies, Dogecoin (DOGE) is facing increasing upward pressure, with recent market trends suggesting a potential increase towards 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 an increasing likelihood of a rise, targeting the key resistance level of $0.1144.
This article provides a comprehensive analysis of the current bullish trend of Dogecoin and the probability of a price increase towards the $0.144 level by analyzing the current market sentiment and key factors technical indicators indicating a potential increase.
DOGE price has decreased by 0.30%, trading at around $0.1047 over the past 24 hours, with a market cap of over $15 billion and a trading volume of over $531 million at the time of writing. DOGE’s market cap and trading volume have decreased by 0.31% and 32.96%, respectively.
Technical Indicators: Analysis of Signals Pointing to a Drop of $0.09
Currently, Dogecoin price on the 4-hour chart is in a bullish move advancing above the 100-day simple moving average (SMA) towards the $0.1144 level. Since breaching this key resistance level, the digital asset has been in a steady uptrend, which suggests that the bulls are taking control and could push the price higher.
Furthermore, an analysis of the 4-hour Relative Strength Index (RSI) shows that the indicator’s signal line has successfully risen above 50% and is currently heading towards 60%, suggesting buying pressure is increasing and the activity could see further upward movement.
On the daily chart, although Dogecoin is still trading below the 100-day SMA, the price is currently attempting a bullish move towards the $0.1144 resistance level, which means that the bulls are still in control and could potentially push the price higher.
Finally, on the daily chart, the RSI signal line has risen above 40% from the oversold zone and is currently approaching 50%, indicating growing bullish momentum for the cryptocurrency.
Possible Scenarios: What Happens If Dogecoin Hits $0.1144?
AS Dogecoin bullish sentiment continues to grow, it is expected to approach the next key resistance level at $0.1144. If the price breaks and closes above this level, it could continue its bullish move towards the next resistance point at $0.1293 and potentially advance towards even higher areas.
However, if DOGE faces resistance at the $0.1144 level and gets rejected, it might start falling towards the $0.0914 level. In any case, the price breaking below this support range could signal a further bearish move, leading to further declines towards the $0.0745 level and beyond.
Featured image from iStock, chart from Tradingview.com
