In the cryptocurrency market, especially for futures traders, technical analysis is an important indicator that needs to be constantly monitored. So, what does it mean for Dogecoin, currently trading at $0.07548? Let’s take a detailed look at the chart analysis and important support-resistance levels.
There is currently a concerning wait in the 4-hour Dogecoin chart analysis. After breaking the support level following a correction in the rising channel formation on November 21, DOGE found support at the EMA 200 (red line) level and completed the correction movement but has not yet entered the formation zone. This is important, especially for short-term futures traders.
The most important support levels to be followed for Dogecoin are as follows: $0.07467, $0.07154, and $0.06882. If the 4-hour candle closes below $0.07467, it will cause the price to lose momentum again, as DOGE is in a tight squeeze.
The most important resistance levels to be considered in the 4-hour Dogecoin chart are as follows: $0.07655, $0.07793, and $0.07926. Especially if the 4-hour candle closes above $0.07793, it will help DOGE re-enter the formation zone and gain momentum.
In the weekly Dogecoin chart analysis, there is a narrowing channel formation that has been developing since November 2022. With the recent upward trend, DOGE broke the resistance line in this formation structure and was seen using the support of the resistance line during the correction that occurred this week. Such breakouts successfully attract the attention of investors both in the cryptocurrency market and in traditional markets from a technical analysis perspective.