DOGEUSDT.1D
2024-11-18

As I analyze the DOGE/USDT daily chart, I notice that the price is currently trading at 0.36966, following a significant rally that has brought it close to a major resistance zone. The immediate resistance is marked at R1 (0.45723), with the most recent high at 0.43858 serving as a crucial level to watch for potential rejection or continuation.

On the downside, support levels are evident at S1 (0.33324) and S2 (around 0.28000), with S2 also aligning with a long-term ascending trendline. These levels represent critical areas where buying interest could re-emerge if the price retraces. The chart also reveals that DOGE remains within a broader bullish structure, with a higher low pattern intact, signaling that buyers are still in control over the longer term.

The MACD (12, 26) indicator currently shows strong bullish momentum, as the MACD line is above the signal line, and the histogram bars remain in positive territory. However, the RSI (14) is at 76.18, signaling overbought conditions. This suggests that while the bullish momentum is strong, a potential short-term correction or consolidation may occur as the price attempts to stabilize after the recent surge.

If DOGE breaks above R1 and sustains momentum, the next target could lie around 0.50000 or higher, with continued buying pressure pushing the price toward new highs. Conversely, a rejection at the resistance zone may result in a pullback toward S1 or S2, where the price could consolidate and potentially form a base for the next upward move.

In conclusion, I maintain a cautiously bullish outlook on DOGE/USDT. The critical focus is on the price’s reaction to R1 and whether the overbought RSI triggers a correction. A breakout above R1 would confirm the continuation of the bullish trend, while a pullback to support levels could provide opportunities for accumulation. I remain attentive to these key levels and indicators to adjust my strategy accordingly.