Simply putAccording to key indicators, the price of DOGE looks bullish.The Relative strength index shows an upward trend
Simply put
- According to key indicators, the price of DOGE looks bullish.
- The Relative strength index shows an upward trend.
- The price of meme coins may reach an annual high.
The price of dog currency (DOGE) may be in the first part of a significant increase, which will set a new annual high for the price of DOGE.
Since November 2022, the price of DOGE has been falling below the downward resistance line. This line has caused countless rejections, the most recent being on April 2nd.
However, the price broke out the next day and reached the highest price of $0.105 (red icon) for the year. Since then, it has decreased.
DOGE prices may break through resistance levels
Refused to verify the resistance level of $0.100, which is 0.382 Fibonacci and the horizontal resistance zone. The Fibonacci retreat level operates as a set of horizontal lines derived from the Fibonacci sequence, indicating areas where support and resistance may be encountered.
If the DOGE price breaks through, the next resistance level will be at $0.122, or 0.618 Fibonacci pullback resistance level. However, if the $0.100 area is rejected again, the DOGE price may fall to the downward resistance line of $0.080 again.
The daily relative intensity index (RSI) is above 50 and increasing. As a result, breakthroughs are more likely to occur. RSI is a tool that helps traders understand whether cryptocurrencies are overvalued or undervalued by measuring the speed of their price changes. It focuses on the speed and magnitude of recent price changes to determine whether to buy or sell cryptocurrency
Short term two hour chart technical analysis, supporting continued upward trend. There are three main reasons for this.
Firstly, prices have broken through the downward resistance line. This supports breakthroughs in daily time frames. Next, the DOGE price moves above the secondary resistance level of $0.090. The region is now expected to provide support.
Finally, the trend since April 8th looks like a complete five wave upward trend (black). Therefore, all these signs support continued growth.
The only bearish development is that the two hour RSI has confirmed a bearish deviation (green line) within the past 24 hours. This may lead to short-term correction before continuing to rise.
Closing below $0.090 will invalidate this bullish forecast. In this case, the internet meme coin may drop to $0.080.
In summary, the most likely DOGE price forecast is to continue to rise towards the resistance zone of $0.010 and ultimately break through. If this happens, the price of dog coins may rise to $0.122. However, if the area is rejected again, it may fall to $0.080.
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