Dogecoin Battles the $0.29 Overhead Resistance as Buyers Poise To Reclaim It

dogecoin cryptocurrency doge coin growth chart exchange chart scaled

Dogecoin (DOGE) shot up but was rejected at $0.29 resistance. Before the recent uptrend, the altcoin was in a sideways trend. Yesterday, buyers retested the $0.29 overhead resistance to resume the uptrend.

The overhead resistance was also tested again on August 7 and 12. Further upside depends on breaking above the overhead resistance. On the upside, a break above resistance will send the cryptocurrency to $0.44. The original price target is at the high of $0.38. However, the current upside scenario is doubtful as DOGE is trading in the overbought territory. Currently, the DOGE price is retesting the overriding resistance to overcome it.

Dogecoin indicator reading

Dogecoin price is trading at the 73 level of the Relative Strength Index for the period 14. The cryptocurrency will lose strength to recover upwards. The 21-day line SMA crosses above the 50-day line SMA, which is a buy signal. The moving averages are sloping upward, indicating an uptrend. DOGE is above the 80% area of the daily stochastics, indicating exhaustion of upward momentum.

DOGEUSD(_Daily_Chart)_-_AUGUST_14.png

Technical indicators:

Major Resistance Levels – $0.80 and $0.85

Major Support Levels – $0.30 and $0.25

What is the next direction for Dogecoin?

It is likely that DOGE/USD will resume its upward movement if it breaks above the $0.29 resistance level. Otherwise, the downtrend will continue if the altcoin is rejected by the overhead resistance. The Fibonacci tool is still useful. In the August 8 uptrend, a candlestick tested the 50% Fibonacci retracement level. The retracement suggests that DOGE will rise to the 2.0 Fibonacci extension level or the $0.37 level.

DOGEUSD(4_Hour__Chart)_-_AUGUST_14.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 65,106.44
ethereum
Ethereum (ETH) $ 3,166.44
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 571.46
solana
Solana (SOL) $ 150.67
usd-coin
USDC (USDC) $ 0.999802
staked-ether
Lido Staked Ether (STETH) $ 3,162.33
xrp
XRP (XRP) $ 0.526720
dogecoin
Dogecoin (DOGE) $ 0.162860
the-open-network
Toncoin (TON) $ 6.20
cardano
Cardano (ADA) $ 0.505808
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 38.17
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,250.48
bitcoin-cash
Bitcoin Cash (BCH) $ 511.08
polkadot
Polkadot (DOT) $ 7.20
tron
TRON (TRX) $ 0.111036
chainlink
Chainlink (LINK) $ 14.92
internet-computer
Internet Computer (ICP) $ 15.86
matic-network
Polygon (MATIC) $ 0.734314
near
NEAR Protocol (NEAR) $ 6.32
litecoin
Litecoin (LTC) $ 84.88
uniswap
Uniswap (UNI) $ 7.84
leo-token
LEO Token (LEO) $ 5.75
dai
Dai (DAI) $ 1.00
aptos
Aptos (APT) $ 10.10
ethereum-classic
Ethereum Classic (ETC) $ 27.99
blockstack
Stacks (STX) $ 2.79
mantle
Mantle (MNT) $ 1.23
filecoin
Filecoin (FIL) $ 6.64
first-digital-usd
First Digital USD (FDUSD) $ 0.999653
crypto-com-chain
Cronos (CRO) $ 0.131391
render-token
Render (RNDR) $ 9.12
cosmos
Cosmos Hub (ATOM) $ 8.63
stellar
Stellar (XLM) $ 0.115585
okb
OKB (OKB) $ 55.59
arbitrum
Arbitrum (ARB) $ 1.22
immutable-x
Immutable (IMX) $ 2.20
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,197.46
bittensor
Bittensor (TAO) $ 477.28
hedera-hashgraph
Hedera (HBAR) $ 0.088078
dogwifcoin
dogwifhat (WIF) $ 3.09
vechain
VeChain (VET) $ 0.042180
maker
Maker (MKR) $ 3,124.64
kaspa
Kaspa (KAS) $ 0.120950
the-graph
The Graph (GRT) $ 0.289604
injective-protocol
Injective (INJ) $ 29.30
fetch-ai
Fetch.ai (FET) $ 2.52
optimism
Optimism (OP) $ 2.50
pepe
Pepe (PEPE) $ 0.000006