Dogecoin has started a fresh upward move from around $0.1050 against the US dollar. It’s now facing some resistance near $0.1120, but could be gearing up for a bigger rally. The price made a decent climb above $0.1080 and $0.1085, and is now trading above $0.1090 and the 100-hour simple moving average. On the hourly chart of DOGE/USD (data from Kraken), a key contracting triangle is forming with support at $0.1090. If the price stays above $0.1080, it could keep moving up.
Dogecoin Price Faces Hurdles
Dogecoin held steady above $0.1020 and started a fresh increase, similar to Bitcoin and Ethereum. It broke through the $0.1080 and $0.1085 resistance levels, gained over 5%, and tested the $0.1125 zone. It also moved above the 50% Fibonacci retracement level of the drop from the $0.1172 high to the $0.1058 low. Additionally, a contracting triangle is forming on the hourly chart with support at $0.1090.
DOGE is now trading above $0.110 and the 100-hour simple moving average. If buyers stay active, the price could try to rise again. The immediate resistance is around $0.1120. The first major resistance for buyers is near $0.1128, which is also the 61.8% Fibonacci retracement level of the drop from $0.1172 to $0.1058. The next key resistance is around $0.1145. If the price closes above that, it could head toward $0.1170. Further gains might push it toward $0.120, with the next major target at $0.1250.
Another Decline in DOGE?
If DOGE fails to break above $0.1128, it could start falling again. The first support on the downside is near $0.1090, followed by $0.1080. The main support is at $0.1050. If the price breaks below $0.1050, it could drop further, possibly toward $0.1020 or even $0.10 in the near term.
Technical Indicators
– Hourly MACD: The MACD for DOGE/USD is losing momentum in the bullish zone.
– Hourly RSI: The RSI is now above the 50 level.
– Major Support Levels: $0.1090 and $0.1080.
– Major Resistance Levels: $0.1120 and $0.1128.
Frequently Asked Questions
Here is a list of FAQs about Dogecoin stalling around 01120 and the key test for bulls written in a natural conversational tone
BeginnerLevel Questions
1 What does it mean that Dogecoin is slowing down at 01120
It means the price has been rising but is now struggling to move higher Its like it hit a wall at that price level and is bouncing around it instead of breaking through
2 Who are the bulls in this situation
Bulls are traders and investors who believe the price will go up They are the ones buying Dogecoin and hoping it will rise past 01120
3 What is the key test the bulls are facing
The test is whether they can buy enough Dogecoin to push the price above 01120 If they fail the price might drop back down If they succeed it could start climbing again
4 Should I buy Dogecoin right now because its slowing down
Not necessarily A slowdown means the price is uncertain It could go up or down from here Its risky to buy just because the price is stuck you should wait for a clear move up or down
5 Is this a sign that Dogecoin is going to crash
Not automatically A stall is a pause not a crash However if the bulls fail the test and the price starts falling it could lead to a bigger drop Its a warning sign not a guarantee
IntermediateLevel Questions
6 Why is the 01120 level so important for Dogecoin
Its likely a resistance levela price where many people previously bought or sold It acts like a psychological barrier Breaking above it would show strong buying momentum while failing could turn it into a ceiling
7 What happens if the bulls cant break through 01120
If they fail the price may reverse and drop Traders often look for a support level lower down where they hope it will stop falling A failed test often leads to a shortterm selloff