In the cryptocurrency market, technical analysis is a crucial indicator for investors, particularly in futures trading. At the time of writing, Dogecoin trades at $0.09408, and a detailed technical analysis provides insights into its potential movements. The analysis includes a thorough examination of charts and identification of significant support and resistance levels.
On the four-hour Dogecoin chart, a rising channel formation stands out. The absence of a break in support or resistance within this formation offers vital clues for futures traders. The intersection of the support line with the EMA 200 (red line) suggests a positive scenario for Dogecoin’s price.
Critical support levels to monitor on the Dogecoin chart are at $0.09202, $0.08756, and $0.08241. A four-hour bar closure below the $0.08756 level, which intersects with both the formation’s support line and the EMA 200, could lead to significant selling pressure on Dogecoin’s price.
Important resistance levels to watch are at $0.09879, $0.10482, and $0.11212. A four-hour bar closure above the $0.09879 level, which has been a major obstacle since December 11, could accelerate Dogecoin’s momentum.
In the weekly chart analysis of Dogecoin, a descending channel formation catches the eye. This structure completed a successful resistance breakout in recent weeks, and since then, Dogecoin has been gathering strength. The resistance line now acting as support is indicative of a positive trend for Dogecoin.
On the weekly chart, the key support levels to consider are at $0.09202, $0.08643, and $0.07799. A weekly bar closure below the $0.08643 level, which intersects with the resistance line, could trigger a sell-off. Conversely, resistance levels at $0.10550, $0.11815, and $0.13150, with a weekly bar closure above the significant $0.10550 hurdle, could propel Dogecoin’s price forward.