It seems that the price movements of Dogecoin-DOGE have found a ceiling that it cannot exceed at the moment even as its value rises earlier today, but its start is still possible in any case.
Despite the fact that the price of Dogecoin-DOGE has risen by 1.73% in the last 24 hours and contributed to the rise in the market value of meme coins to 2.60%, the price is still stagnating within a narrow trading range, and this resilience may pave the way for a new wave of rallies due to the positivity that its technical indicators have begun to indicate.
Since last Thursday, the price of Dogecoin has managed to find a solid ground to rise by 2.96%, confirming that its movements are gaining upward momentum as traders continue to pay attention to the leader of meme currencies, as their trading volume remains above the $500 million level over the last 24 hours.
Read also:Yen moves in positive territory following Kazuo Oeda certification
Technical indicators are showing signs of rising, so what is holding back the rise in the price of Dogcoin?
After failing to break through the stubborn resistance at $0.10800, it seems that it will not continue its rally today, but given that it gained strong support at $0.10400, its next wave of rallies seems imminent, especially since the RSI reading (RSI, in purple) retreated from a buying zone at 75 – when it recorded its highest level during the day – to become more average at 60, promising the possibility of a rebound. This makes sense during the correction, especially since its reading did not retreat to a oversold area, indicating that buying momentum remains strong despite all the declines.
Hourly timeframe chart for DOGE/USD price Source: Binance. Similarly, the Chiken Cash Flow Index (CMF), which indicates inward investments to Dogecoin (green), remained in positive territory at 0.15 currently, indicating continued buying pressure and setting for potential rallies.
Over the last 48 hours, the 20-day EMA-20 (pink) and 50-day (EMA-50, yellow) have surpassed their 200-day counterparts (EMA-200, blue), all following an upward trend. As the short, medium and long-term technical indicators converge and all point to Dogecoin price movements gaining upward momentum, it is likely to rise soon as it gains bullish prospects on multiple time frames.
As the Dogecoin price could successfully surpass the nearest resistance at $0.10800, traders can target the next resistance level at $0.12750 before touching the $0.15 barrier.
The post Dogecoin price moves hit a solid barrier, will it be able to cross the $0.15 mark? appeared first on Cryptonews Arabic.
What stock should you buy in your next trade?
The computing forces of artificial intelligence are changing the stock market. ProPicks from Investing.com are 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks’ AI identified two stocks that jumped more than 150%, 4 more that jumped more than 30%, and another 3 stocks that jumped more than 25%. What is the arrow with the next jump?
