The meme token Dogecoin has seen a volatile week of trading, dropping 11% to a low of $0.1059, although the cryptocurrency is still up by more than 66% over the last year. It has traded above $0.10 with relative consistency and is currently at $0.1078. This forms part of a wider trend in which DOGE lost 26% of its value over the past month but still boasts a significant annual gain.
Dogecoin Eyes Off $0.1132 Resistance Amid Mixed Technical Signals
On the four-hour DOGE/USD chart there is a tentative approach to the $0.1132 resistance level, while technical indicators are giving mixed signals about future price direction.
The MACD line is above the signal line, meaning it’s indicative of a bullish trend — but both lines are leveling off towards each other, implying the potential for a bearish reversal crossover in due course. The RSI is below the neutral 50 mark indicating bears might have a slight edge under the current market setup against bulls, although if buyer momentum increases it could flip upwards.
General sentiment within crypto markets remains cautious given wider macroeconomic factors and certain events such as large amounts of Bitcoin being sold off by Mt Gox – however, Dogecoin’s loyal community backing may mitigate against negative impacts.
Although there are hints at potential uncertainty or forthcoming bearish reversal with both MACD leveling off and RSI trending lower; traders should watch for whether or not RSI can regain strength back above 50 which would suggest increasing buying momentum and possibly affirm a bullish outlook on Dogecoin.
Market analyst insights on DOGE’s future price
According to recent analysis and predictions by various cryptocurrency experts; Dogecoin could see substantial gains if it manages to push through the $0.12 resistance level successfully. Some even believe DOGE may go as high as $0.34 which represents almost three times increase from current levels, according to @cryptoAM17 among others.
However, there are several obstacles facing Dogecoin such as fluctuating investor sentiment coupled with potential regulatory oversight. Additionally being positioned below key simple moving averages (SMAs) like the 21-day SMA, 50-day SMA, and 200-day SMA implies that it might still be in a vulnerable state.
At this point, the trajectory of Dogecoin’s price is quite critical. This means that it can either push through to its all-time highs or succumb under selling pressure. The resistance at $0.1132 and the following buyer activity are very important levels to watch for investors and traders as they will define where dogecoin moves in the short run
