Dogecoin breaking major resistances

Overview

Dogecoin is a community-driven cryptocurrency that was inspired by a Shiba Inu meme. The Dogecoin Core software allows anyone to operate a node in the Dogecoin blockchain networks and uses the Scrypt hashing method for Proof of Work. It is adapted from Bitcoin Core and other cryptocurrencies.

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Here’s the market structure of the coin.

Currently trading at $0.1875 at a high of 19.2%, owing to the announcement made by Elon Musk of accepting Doges for Tesla’s merchandise. Earlier today Dogecoin was trading at a low of $0.1532 levels. The coin was seen consolidating between $0.1560 and $0.1610 levels.

Looking at the daily chart, the coin rose to an early morning intraday high at $0.2032 levels. The early intraday low was seen at $0.1547 levels. Dogecoin broke through the 23.6% FIB resistance level. Coming up against the $0.2032 resistance level, it fell to low of $0.1854 levels.

On an hourly chart the coin is seen consolidating in a bullish flag pattern and is more likely to break on the upside. Doge started the day with an intraday low before making a reverse. Looking at the current momentum Dogecoin is likely to make a bearish reverse.

Market Indicators

Hourly RSI: The hourly RSI is moving currently towards 55 levels, it shows mild price strength, owing to investor’s trust on the coin.

Fibonacci Retracement levels: 23.6%: $1623, 38.2%: $0.1701, 61.6%: $1827

Major support level: $0.1496

Major resistance level: $0.1917

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Conclusion

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On the upside prices may move towards $0.20 levels. The first major resistance sits at $0.2034 levels. In event of an extended rally upwards, the second major resistance sits at $0.2200 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $0.1791 levels, will bring the first major support level FIB 38.3% level in play.

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