Dogecoin (DOGE) cryptocurrency can be expected to rise to the next resistance level 0.2350

Given the strength of the active impulse wave (1) and the bullish sentiment seen across the cryptocurrency markets today, Dogecoin cryptocurrency can be expected to rise to the next resistance level 0.2350 (former support from February).

Dogecoin cryptocurrency broke the critical resistance area, which is highlighted in purple on the daily Dogecoin chart below, and accelerated the active intermediate impulse wave (1) from the start of March of the higher order impulse wave 3.

The resistance area was formed by the resistance level 0.1750 (former support from the end of February), 20-day moving average, resistance trendline of the daily down channel from January and the 38.2% Fibonacci correction of the previous downward impulse from the beginning of March.

After breaking this area, Dogecoin cryptocurrency is expected to continue rising to the next resistance level 0.2350 (former support from February).

However, if the price drops below the support level 0.15 (38.2% Fibonacci correction of the previous upward impulse from December 2020), then the decline can be expected to continue to the support level 0.1 (psychological level).

Moreover, traders can set a take-profit at 0.30 and a stop-loss at 0.10.

The cryptocurrency markets are seeing bullish sentiment today, which is also expected to support further gains in Dogecoin cryptocurrency.

Overall, given the strength of the active impulse wave (1) and the bullish sentiment seen across the cryptocurrency markets today, Dogecoin cryptocurrency can be expected to rise to the next resistance level 0.2350.

However, traders should keep an eye on the technical indicators and the market news to anticipate any shifts in the trend.

Stay tuned to Benzinga for more cryptocurrency analysis and news.

圖表中的數據由 Benzinga 圖表提供。