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Is DOGE Ready to Start Its Rise Story? August 5th DOGE Analysis

  • If DOGE closes above $0.077, it can continue to rise and target $0.084.
  • Closures below $0.0707, on the other hand, may indicate a continuation of the downward trend and the support level of $0.069 may come into play.
  • Critical resistance and support levels form important critical points for investors and should be closely monitored.

When examining the movements in DOGE’s 3-hour technical chart, it can be seen that the price is moving in an important resistance zone and the importance of specific closing levels for the continuation of the rise is emphasized.

Medium-Term DOGE Analysis

Daily DOGE/USD Price Chart
Daily DOGE/USD Price Chart

When examining the current technical chart of DOGE, it can be seen that it has experienced a rise of more than 3% today and is currently trading around $0.0756. In order to initiate the upward trend, the DOGE price must make daily closures above the level of $0.08358.

If the DOGE price makes daily closures above the level of $0.0835, it can continue its rise towards the levels of $0.0951 mentioned in the analysis. However, if it cannot sustain above $0.0835, it may carry out the downward movement to the support range of $0.07196 to $0.0694.

If the DOGE price encounters strong buying reactions from the support range of $0.07196 to $0.0694, it can start its rise from this range and show an upward movement towards the mentioned level of $0.095. If it makes daily closures above $0.095, the next upward target will be the level of $0.1057.

However, if the DOGE price makes daily closures below the level of $0.0694, there is a possibility of continuing the downward movement towards the level of $0.06567.

Short-Term DOGE Price Analysis

3-Hour DOGE/USD Price Chart
3-Hour DOGE/USD Price Chart

When examining DOGE’s 3-hour technical chart, it can be observed that the price is moving in the resistance zone between $0.07629 and $0.07706. If the DOGE price encounters selling pressure from this resistance zone, it can carry out the downward movement to the support levels of $0.0717 and $0.0707 mentioned in the analysis.

However, if the DOGE price makes 3-hour closures above $0.077, it can continue its rise towards the mentioned target level of $0.079 in the analysis. Similarly, if DOGE makes closures above $0.079, the next upward target will be the level of $0.084.

However, if the DOGE price cannot sustain above $0.077, it can carry out its downward movement to the mentioned support range. Additionally, if it makes closures below the critical support level of $0.0707, DOGE can carry out the downward movement towards the $0.069 level indicated by the blue line.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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