As bearish momentum increases, Dogecoin (DOGE) is facing increasing upward pressure, with recent market trends pointing to a possible surge towards the $0.1144 level. The price action reflects a continued optimistic strength, favoring the bulls and raising concerns about further gains. Technical indicators and market conditions point to a growing likelihood of an increase, targeting the $0.1144 key resistance level.

This article provides a comprehensive analysis of the current bullish trend of Dogecoin and the probability of a price rise towards the $0.144 level by considering the current market sentiment and key technical indicators which indicates a possible increase.

DOGE price is down 0.30% and was trading at around $0.1047 over the past 24 hours, with a market cap of over $15 billion and a trading volume of over $531 million at the time of writing. DOGE’s market cap and trading volume also dropped by 0.31% and 32.96% respectively.

Technical Indicators: Analysis of Signals Pointing to a Drop of $0.09

Currently, the price of Dogecoin on the 4-hours chart is in a bullish movement and is rising above the 100-day Simple Moving Average (SMA) towards the $0.1144 mark. Since breaking this key resistance level, the digital asset has experienced a consistent uptrend, suggesting that bulls are taking control and can drive the price further higher.

Furthermore, an analysis of the 4-hour Relative Strength Index (RSI) shows that the indicator’s signal line has successfully risen above 50% and is currently heading towards 60%, suggesting that buying Busy is increasing and assets may increase further.

On the 1-day chart, Dogecoin is still trading below the 100-day SMA, but the price is currently attempting to make an upward move towards the $0.1144 resistance level. This means that the bulls are still in control and could potentially push the price further higher.

Finally, the RSI signal line on the daily chart has risen by more than 40% from the oversold zone and is currently approaching 50%. This points to growing bullish momentum for the cryptocurrency.

Possible Scenarios: What Happens If Dogecoin Hits $0.1144?

If Dogecoin’s The bullish sentiment continues to grow, and it is expected to approach the next major resistance level of $0.1144. Should the price break and close above this level, If the price holds at the next resistance level, the price may continue its upward move towards the next resistance point at $0.1293 and possibly move even higher.

However, if DOGE faces resistance at the $0.1144 level and experiences a rejection, it could start to decline towards the $0.0914 level. Either way, if the price breaks below this support range, it could signal a further bearish move, leading to further declines towards the $0.0745 level and beyond.

Main image from iStock, chart from Tradingview.com