Dogecoin (CRYPTO: DOGE) is flirting with a resistance level.
If it were to cross the 22-cent price level, it would prevent the confirmation of a long-term bearish turn.
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What Happened: According to CoinMarketCap data, as of press time Dogecoin is trading at about $0.215 after seeing its value decrease by 4% over the last 24 hours. A Friday FXEmpire market analysis suggests that Doge is trying to settle below the $0.2190 support level — but today’s high of $0.229 shows that it is still fighting.
Previously, Dogecoin struggled to fight a major resistance at $0.235 (the 0.13 Fibonacci level) which also acted as a support during the coin’s recent fall. According to FXEmpire, after the coin lost its fight against this resistance it fell toward the $0.219 support and if breaks through this floor it will move towards $0.2130.
Dogecoin’s RSI is also moderate, leaving room for sellers to conspire a further bearish push. If the coin settles below the $0.2130 level, the next support will be located at $0.205 before another one at 20 cents.
If Dogecoin were to move up, it would find the nearest resistance at $0.2255 that if crossed would allow it to move up to its recent highs at the aforementioned 0.13 Fibonacci level located at 23 cents. If Doge were to settle above 23 cents, then it would be headed for the next resistance at $0.235 that, if broken, would open the doors to 24 cents.
Data suggests that Dogecoin grew in many ways this year, and in some ways is continuing to grow despite the recent price downturn.
For instance, Doge’s adoption is seemingly growing at an unprecedented pace. Also, blockchain data shows that the coin’s miners can enjoy a 3,135% increase in mining rewards and 6,700% in transaction fees compared to the beginning of the year — which is a boon for the network’s security.
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