DOGE/USD pair set to break past the $0.1627 resistance level

TL;DR Breakdown

• Dogecoin price analysis is bearish today.
• The strongest resistance is present at $0.1627.
• DOGE/USD pair is presently at $0.1284.

The DOGE/USD pair is flirting with a break past the $0.1627 resistance level that has been in place for some time now. A break past the level would open up further gains to be taken towards targets at $0.18 and after that at $0.25 – all of which are Fibonacci retracement levels. However, a break past the resistance level will more likely be a moment of consolidation that would yield bullish pressure towards $0.18 before further gains are made to targets near $0.25.

The Dogecoin pair is presently slanting against the USD, trading at $0.128451. Today, the currency has opened at $0.1306 again before it hit its present value. Our team of analysts at Cryptopolitan is forecasting the currency will trade at $0.13 tomorrow, slightly up from its opening price, but $0.14 might prove to be a tough goal for today.

DOGE/USD 4-hour price analysis: Recent developments

The RSI indicator is now at 40 after reaching a high of 60. This shows that bears are still in charge of today’s market movements, as indicated in yesterday’s analysis.

According to our RSI indicator, the Dogecoin pair will fall further unless it breaks past the $0.1620 resistance level in the coming days. As bulls have been taking control of the market recently, we believe it will take a lot more for them to maintain such control and push the price up towards $0.18 and $0.20 levels in the coming months.

The RSI indicator also follows the same descending trend, currently floating at about 57.2446 levels. According to our indicator, the pair will continue its descent in the coming days and likely drop below the $0.11 mark if current trends persist.

The blue MACD line is below the red signal line, suggesting a negative sign for today’s 4-hour price movements of the DOGE/USD pair. The price will likely move further downwards unless either indicator deviates from the present trend.

Dogecoin price analysis for 24 hours: Bears dominate DOGE

Yesterday’s price analysis for the DOGE/USD indicated that bulls and bears were fighting for control of the market. The Dogecoin pair was hovering around $0.1620, with a bearish trend below it, while another bullish trend was spotted above it. It appears bears won the fight as we can see the price is currently trading at $0.1244 after dipping to its lowest point in 24 hours of $0.1188.

Our previous price analysis indicated that if bears broke past $0.1620, they would push the DOGE/USD down towards $0.1552. The price has since broken below the mentioned level and is currently recovering its losses.

The currency has recently opened at $0.1302, following a fall from an earlier price of $0.1627 on February 19 to about $0.1406 on February 20, after which it continued its descent to its current level.

Our Dogecoin price analysis predicts a bearish sentiment for today, with a slight change in the DOGE/USD pair’s direction. However, we expect some resistance to appear at $0.1281 levels if the currency’s descent slows down.

Dogecoin Price Analysis Conclusion

We forecast that the Dogecoin price will turn bullish in 24 hours, with its highest resistance level at $0.1315 and lowest support level at $0.1169. The DOGE/USD pair is likely to find support at $0.1281.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.