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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Dogecoin Rejected At $0.09149, Heading For Key Trendline Support

Godspower Owie
Godspower Owie
10 months ago
3 mins read
Dogecoin

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Dogecoin (DOGE) is once again at a critical juncture after facing rejection at the $0.09149 level. This pullback has pushed the price toward a key trendline, putting the cryptocurrency in a decisive position. 

As Dogecoin tests this crucial support, market watchers are eager to see if the bulls can regroup and trigger a breakout. A successful move above the trendline could open the door for a renewed rally, but failure to hold this level might lead to further downside pressure.

This analysis aims to explore Dogecoin’s current price action following its rejection at the $0.09149 level, which has driven the cryptocurrency back to a critical trendline. By examining key technical indicators and market sentiment, we aim to assess whether the bulls have the potential to ignite a breakout above this trendline or if bearish forces will continue to dominate, pushing the price further down.

Bullish Or Bearish? Analyzing Market Sentiment On DOGE

On the 4-hour chart, following the rejection at $0.09149, Dogecoin has gained momentum, recently crossing above the 100-day Simple Moving Average (SMA) and approaching the bearish trendline. The price action suggests growing positive pressure and market sentiment, which could pave the way for a potential breakout if the trendline is breached.

Dogecoin
Dogecoin trending above the 100-day SMA | Source: DOGEUSDT on Tradingview.com

Also, the Composite Trend Oscillator on the 4-hour chart suggests that bullish momentum is increasing and that a potential breakout above the bearish trendline could be on the horizon as both the signal line and the RSI line of the indicator have moved above the zero mark.

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On the 1-day chart, Dogecoin is showing increasing upward momentum as it seeks to break above the bearish trendline and approach the 100-day simple moving average. Specifically, the positive movement reflects growing market optimism, suggesting that if DOGE successfully surpasses the trendline, it could lead to more gains.

Dogecoin
DOGE eyes bearish trendline breakout | Source: DOGEUSDT on Tradingview.com

Finally, on the 1-day chart, the signal line has crossed above the SMA line of the composite trend oscillator, and both are moving out of the oversold zone toward the zero line. This implies that momentum is shifting positively, indicating a potential recovery and strengthening bullish outlook as the indicator seeks to exit the oversold conditions.

Key Trendline In Focus: Will Dogecoin Hold Or Fold?

If Dogecoin can break through and hold above this trendline, it may signal a bullish continuation, potentially leading to gains toward $0.1293. A successful breach of this level could pave the way for further increases, with the price possibly testing the $0.1491 mark and exploring even higher resistance zones.

Related Reading

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Dogecoin Price (DOGE) Slips Into the Red: Key Hurdles to Watch

10 months ago

However, should Dogecoin fail to maintain its position above this level, it might drop to the $0.09149 support range. A break below this support could lead to additional declines, with the price potentially testing the $0.07456 mark and reaching other lower support ranges.

Dogecoin, with a market capitalization of over $15 billion and a trading volume exceeding $659 million, was trading around $0.103, marking a 6.49% rise at the time of writing. In the past 24 hours, its market cap has surged by 6.50%, while trading volume has skyrocketed by 52.84%, reflecting renewed interest and bullish momentum in the market.

Dogecoin
DOGE trading at $0.103 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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