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DOGE/USD pair set to breach past $0.1627 resistance

  • Today’s Dogecoin price analysis is pessimistic.
  • At $0.1627, the strongest resistance exists.
  • The DOGE/USD pair is currently trading at $0.1284.

The DOGE/USD pair is on the verge of breaking through the $0.1627 resistance level, which has been in place for quite some time. A break above the level would allow for further gains, with objectives at $0.18 and $0.25, respectively, all of which are Fibonacci retracement levels. A break over the resistance level, on the other hand, will almost certainly be followed by a period of consolidation, with positive pressure building above $0.18 before additional advances to goals near $0.25.

The Dogecoin/USD pair is currently trading at $0.128451, slanting against the US dollar. Before hitting its current value, the currency opened at $0.1306 today. Our researchers at Cryptopolitan predict that the currency will trade at $0.13 tomorrow, slightly higher than its opening price, although $0.14 may be a difficult target for today.

Recent trends in the DOGE/USD market over the last four hours

image 203

After reaching a high of 60, the RSI indicator is now at 40. As predicted in yesterday’s analysis, bears are still in charge of today’s market actions.

The Dogecoin pair will continue to decrease unless it breaks through the $0.1620 resistance level in the coming days, according to our RSI indicator. We believe that now that bulls have taken control of the market, it will take a lot more for them to keep it and push the price up to $0.18 and $0.20 levels in the next months.

The RSI indicator, which is currently hovering at 57.2446 levels, is also on a downward trend. If present trends continue, our indicator predicts that the pair will continue to fall in the next days, perhaps falling below the $0.11 mark.

The blue MACD line is below the red signal line, indicating a bearish trend for today’s DOGE/USD market moves. Unless either indication deviates from the current trend, the price will most likely continue to fall.

 

DOGE price analysis for the past 24 hours: Bears are in charge.

Bulls and bears were vying for control of the market, according to yesterday’s price analysis for the DOGE/USD. The Dogecoin/Bitcoin pair was hovering at $0.1620, with a bearish trend below it and a bullish trend above it. Bears appear to have won the battle, as the price is currently trading at $0.1244, down from $0.1188, its lowest level in 24 hours.

 

Bears would bring the DOGE/USD down to $0.1552 if they broke through $0.1620, according to our prior price analysis. Since then, the price has broken below the indicated level and is now recouping its losses.

The currency just opened at $0.1302, having falling from an earlier price of $0.1627 on February 19 to around $0.1406 on February 20, before continuing its drop to its present position.

image 204

Our Dogecoin price prediction for today is for a bearish attitude, with a small shift in the DOGE/USD pair’s direction. If the currency’s decline slows, we expect some resistance to materialise at $0.1281 levels.

 

Conclusion of the Dogecoin Price Analysis

In the next 24 hours, we expect the Dogecoin price to turn bullish, with the biggest resistance level at $0.1315 and the lowest support level at $0.1169. Support for the DOGE/USD pair is likely to be found at $0.1281.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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