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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

Dogecoin (DOGE) Prints Bullish Pattern, Why It Could Surge to $0.11

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:02 pm
2 mins read
Dogecoin (DOGE) Prints Bullish Pattern

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Dogecoin declined below the $0.14 support against the US Dollar. DOGE tested the $0.070 support and now aims a fresh move above the $0.10 resistance.

  • DOGE started a fresh decline below the $0.14 and $0.12 levels against the US dollar.
  • The price is trading well below the $0.110 zone and the 100 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.088 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
  • The pair must stay above the $0.070 support zone to avoid more losses.

Dogecoin Price Aims Fresh Increase

In the past few days, dogecoin saw a major decline from well above the $0.14 level. DOGE declined below the $0.12 and $0.10 support levels, similar bitcoin and ethereum.

The price even broke the $0.085 support and tested the $0.07 support zone. A low was formed near $0.0699 before the bulls took a stand. The price formed a base above the $0.07 level and recently started a recovery wave.

There was a move above the $0.075 and $0.080 levels. Besides, there was a break above a key bearish trend line with resistance near $0.088 on the 4-hours chart of the DOGE/USD pair. The price is now trading well below the $0.110 zone and the 100 simple moving average (4-hours).

On the upside, the price is facing resistance near the $0.0915 level. It is near the 23.6% Fib retracement level of the downward move from the $0.1609 swing high to $0.0699 low.

Dogecoin Price

Source: DOGEUSD on TradingView.com

The first major resistance is near the $0.1100 level and the 100 simple moving average (4-hours). Any more gains above the $0.1100 zone could encourage the bulls to aim a test the 50% Fib retracement level of the downward move from the $0.1609 swing high to $0.0699 low at $0.115.

Fresh Decline in DOGE?

If DOGE price fails to gain pace above the $0.10 level, it could start another decline. An initial support on the downside is near the $0.0820 level.

The next major support is near the $0.070 level. If there is a downside break below the $0.070 support, the price could decline further. The main support is near the $0.0500 level. Any more losses could open the doors for a move towards the $0.0450 level.

Technical Indicators

4-Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0850, $0.0800 and $0.0700.

Major Resistance Levels – $0.0915, $0.1000 and $0.1100.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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