CandleFocus Dogecoin Breaks Above Descending Channel; Is $0.1110 Next?
2024-09-24
Author: Content Editor
The price of Dogecoin (DOGE) experienced a dip on September 6 but has since shown renewed bullish momentum. After breaking above a descending channel on the daily chart, DOGE encountered resistance at $0.1110, resulting in a slight retracement. Projections suggest that DOGE could reach as high as $0.128, but immediate resistance is forming around $0.115. The cryptocurrency is currently in a consolidation phase, indicated by its oscillation above short-term moving average lines. Recent indicators, such as the upward trend of the relative strength index and the strong buying pressure indicated by the Chaikin Money Flow index, support the bullish outlook for DOGE. As of press time, DOGE is priced at $0.1078 with a market capitalization of $15.75 billion, making it the eighth-largest cryptocurrency. If DOGE can overcome the resistance at $0.1110, it may target the $0.12018 level and potentially reach the psychological mark of $0.1400. However, if it fails to surpass the $0.1110 resistance, a pullback to the support level of $0.10313 may occur.
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