🚀 Is Dogecoin poised for a rebound after the MACD crossover?
Dogecoin has seen a strong double-digit rally in the past 24 hours, currently trading around $0.18125. This surge comes after several days of significant pullback, and the price is currently at a key mid-term resistance level, making its next move crucial in determining its short-term trend.
📊 Technical Analysis
Dogecoin is struggling to recover ground lost below a key moving average.
Moving Average Resistance: The price is slightly below the 25-day moving average resistance at $0.18725. A break above this level is necessary to confirm a bullish reversal. The 99-day moving average at $0.22193 remains a significant resistance level above.
Moving Average Support: The 7-day moving average at $0.17212 currently provides immediate support.
MACD Signal: Crucially, the MACD histogram has just turned green, with a value of 0.00039, indicating that bullish momentum (DIF: -0.01109) is beginning to outpace bearish momentum (DEA: -0.01148). This is an early signal of a potential reversal and shift in market sentiment.
📈 Trading Setup
Given the MACD golden cross and rebound, a long position is recommended, with strict risk management.
🚀 Entry Zone: Confirmation of a breakout and hold above the 25-day moving average ($0.18725). The ideal entry target is between $0.1875 and $0.1885.
🎯 Target Price (TP1): Previous high, near $0.2020
🎯 Target Price (TP2): Psychological and long-term resistance, near $0.2219 (99-day moving average)
🛑 Stop-Loss Price (SL): Closing price below the short-term 7-day moving average support at $0.1700
The breakout point is the 25-day moving average at $0.18725. If the bulls can regain and consolidate above this level, the MACD crossover is likely to be confirmed, paving the way for a move towards $0.22. Failure to break through this resistance could lead to a test of the $0.16 support area.
💡 Tip
Be sure to wait for confirmation of the breakout and pullback before entering a position. A positive MACD histogram is an important signal. However, volume confirmation is key to maintaining the upward momentum!
{Spot} (DOGEUSDT)
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