Dogecoin Price Analysis: Examination of Support and Resistance Levels - COINTURK NEWS
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Dogecoin Price Analysis: Examination of Support and Resistance Levels

6:25 pm (57 days ago)
August 8, 2023

Dogecoin, the most valuable meme token in the crypto market, is currently trading above the support level it broke with positive news flow. The fact that DOGE has touched the resistance line three times in the last six days makes this area a crucial zone. If the price closes below the resistance, it could be significantly affected in a negative way. However, a positive news coming from this level could result in substantial profits for both the crypto sector and DOGE investors.

DOGE Daily Chart Analysis

DOGE, which broke the resistance level at 0.14 cents on the daily chart, has been trading in the same range for almost two weeks, offering good opportunities for short-term investors. However, the fact that the EMA 200 average, which acted as support two weeks ago, has been acting as resistance for the past week is a negative sign for DOGE. Currently, the only positive indicator for DOGE price, which is below the EMA 9 and EMA 21 averages in recent days, is the unbroken support at 0.14 cents. If the support is breached, the first target for a daily close below it would be the 0.062 cents level. In case of further declines, the next levels to watch are 0.057 cents and 0.053 cents, respectively.

What are the Support Levels?

The breaking of the resistance at 0.14 cents and its functioning as support for the past two weeks is the most encouraging development for DOGE price. Despite being below the EMA 200 and EMA 21 averages, any positive news flow in the DOGE camp could reverse this situation and lead to a price increase.

In a positive scenario with news flow, the first target resistance level would be 0.08 cents. If this resistance is broken, the next resistance levels to overcome would be 0.085 cents, 0.096 cents, and 0.11 cents, respectively.

The most exciting development as a positive news flow recently has been the integration of Dogecoin into the Twitter payment platform, which has been widely discussed. This integration could open the doors to an incredible period for the crypto asset.

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