Bullish Exhaustion Near Resistance

Dogecoin (DOGE) faces resistance at $0.10476 after a failed breakout attempt. With weakening momentum and overbought signals, a potential pullback to $0.10168 is possible.

9/11/20241 min read

Dogecoin price chart showing a failed breakout attempt at $0.10476. Indicators point to overbought c
Dogecoin price chart showing a failed breakout attempt at $0.10476. Indicators point to overbought c

Key Resistance at $0.10476

Dogecoin (DOGE) is currently trading around $0.102, after failing to break through the upper Bollinger Band resistance of $0.10476. The price hit a high of $0.10495, but selling pressure has pulled it back below the BB Basis of $0.10322.

After peaking at $0.10495, Dogecoin has pulled back, now stabilizing around $0.102. The rejection from the $0.10476 resistance (upper Bollinger Band) aligns with the broader bearish sentiment seen in early September. Dogecoin's struggles echo a trend seen across the market, as DOGE has dropped 17% in the last week​

Bollinger Bands: Overbought Conditions
The price is hovering just below the upper Bollinger Band, indicating that DOGE is in an overbought state. A rejection at these levels could trigger a pullback to the lower band support at $0.10168.

RSI Neutral, But Losing Steam
The RSI is sitting near neutral at 49.87, suggesting indecision in the market. However, its divergence from the RSI-based MA (60.41) hints at weakening bullish momentum, with potential downside ahead.

Stochastic Oscillator Shows Oversold Conditions
The %K and %D values of 19.54 and 14.44 indicate oversold conditions, which might signal a short-term bounce, but buyers need to regain momentum for a sustained move higher.

MACD Turning Bearish
The MACD histogram (-0.00045) has flipped negative, suggesting a potential bearish crossover. The MACD line is still above the signal line, but momentum appears to be weakening, which could lead to further downside.

Support and Resistance Levels
Immediate Resistance: $0.10476 (Upper BB)
Support: $0.10322 (BB Basis), $0.10169 (Lower BB)

Short-Term Outlook: DOGE is showing signs of exhaustion near the $0.10476 resistance. If it fails to break higher, expect a potential dip toward $0.10168, with a possible bounce from there. The Stochastic and RSI suggest caution, as momentum indicators signal weakening strength.

Watch for a confirmed break above $0.10476 to signal bullish continuation. Otherwise, a retrace to the lower Bollinger Band is likely.