In a detailed analysis of Dogecoin (DOGE), crypto trader Ali unveils significant challenges and opportunities on the weekly chart.
Ali identifies a major obstacle for Dogecoin at the $0.087 mark on the weekly chart. This critical level is distinguished by the convergence of key indicators, including the 0.786 Fibonacci level and both the 100-week and 200-week Exponential Moving Averages (EMAs). The clustering of these influential factors creates a formidable barrier that Dogecoin must overcome to progress.
Breaking past the $0.087 hurdle is perceived by Ali as the gateway for Dogecoin to potentially double its current price. With an optimistic target set at $0.14, the trader envisions a significant price surge if Dogecoin manages to overcome the technical challenges posed by the convergence of Fibonacci levels and EMAs.
Read also:
- Ripple (XRP) Needs to Exhibit These Three Moves to Go Parabolic: Analyst
- How is Tether (USDT) Preparing for The Biggest Bull Run in History
- Missed Out On Pepe? This Could Be The Next 10x Meme Coin After ICO Hits $600k
In summary, Ali’s analysis offers a comprehensive view of Dogecoin’s weekly chart, emphasizing the pivotal nature of the $0.087 resistance. The potential for a substantial price increase to $0.14 hinges on the successful navigation of this critical juncture.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
The post Dogecoin Faces Major Hurdle At This Level, Analyst Says Breaking Past This Can Double DOGE Price appeared first on CaptainAltcoin.