updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Dogecoin corrected gains and tested the $0.1620 zone against the US Dollar. DOGE is now forming a base and might start a fresh increase above $0.1680.
After a steady increase, Dogecoin price faced resistance near the $0.1750 zone. The recent swing high was formed at $0.1705 before DOGE started a downside correction like Bitcoin and Ethereum. There was a drop below the $0.1650 support zone.
A low was formed at $0.1620 and DOGE is now consolidating for the next move. Dogecoin is now trading below the $0.1650 level and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $0.1664 level. It is near the 50% Fib retracement level of the downward move from the $0.1705 swing high to the $0.1620 low.
The next major resistance is near the $0.1685 level or the 76.4% Fib retracement level of the downward move from the $0.1705 swing high to the $0.1620 low. There is also a key bearish trend line forming with resistance at $0.1685 on the hourly chart of the DOGE/USD pair.
A close above the $0.1685 resistance might send the price toward the $0.1725 resistance. Any more gains might send the price toward the $0.1750 level. The next major stop for the bulls might be $0.1800.
If DOGE’s price fails to gain pace above the $0.1685 level, it could start another decline. Initial support on the downside is near the $0.1620 level.
The next major support is near the $0.1550 level. If there is a downside break below the $0.1550 support, the price could decline further. In the stated case, the price might decline toward the $0.1520 level.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1620, $0.1550 and $0.1520.
Major Resistance Levels – $0.1660, $0.1685, and $0.1720.
China’s efforts to support and revive its property sector took a notable turn recently with a series of monetary policy adjustments to provide relief to the struggling real estate market.
Hong Kong-listed property stocks took the market by storm earlier today, outpacing all expectations and driving the Hang Seng Index (INDEXHANGSENG: HSI) to the top of the charts in Asia.
A recent report from CNBC revealed that China Evergrande Group (HKG:3333), one of the most prominent names in the real estate sector, witnessed a staggering 9% surge in its stock price. Logan Group Co Ltd (HKG: 3380) and Longfor Group Holdings Ltd (HKG: 0960) followed suit with remarkable 9% spikes of their own.
However, Country Garden Holdings Co Ltd (HKG: 2007) led the pack with an astonishing 14.61% increase in its stock price. The Hang Seng Mainland Property Index mirrored this bullish sentiment, recording a remarkable 9.09% rise.
Meanwhile, Country Garden, one of China’s leading real estate developers, has taken significant steps to address its debt obligations in recent days. Over the weekend, the company successfully secured approval from its creditors to extend payments for a 3.9 billion Yuan ($540 million) onshore private bond.
Additionally, Country Garden fulfilled its commitment by wiring a coupon payment for a 2.85 million Malaysian Ringgit ($613,000) denominated bond. These actions signal the company’s efforts to manage its debt and meet its financial obligations.
However, challenges remain on the horizon, as Country Garden is still scheduled to pay $22 million in coupon payments on two U.S. dollar-denominated bonds that it missed in early August. The grace period for these payments is set to expire on Wednesday, adding pressure on the company to resolve this outstanding debt.
China’s efforts to support and revive its property sector took a notable turn recently with a series of monetary policy adjustments to provide relief to the struggling real estate market.
On Friday, the People’s Bank of China (PBOC) announced a series of policy changes aimed at boosting the property market, including easing borrowing rules and reducing the reserve requirement ratio for foreign exchange deposits.
The relaxation of borrowing rules will likely make it easier for individuals and businesses to obtain loans for property purchases. By lowering the barriers to financing, the PBOC aims to incentivize investment in real estate, thus bolstering demand in the property sector.
On the other hand, the reduction in the reserve requirement ratio for foreign exchange deposits is intended to free up capital that banks can use for lending.
In addition to the PBOC’s policy adjustments, several major Chinese banks including the Industrial and Commercial Bank of China (SHA: 601398), China Construction Bank Corp (SHA: 601939), and Agricultural Bank of China (SHA: 601288) have taken the initiative to lower interest rates on Yuan deposits.
This move is significant because it directly affects the cost of borrowing and the returns on savings for individuals and businesses. Lower interest rates can encourage borrowing, boost consumer spending, and stimulate economic activity.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Subscribe to our telegram channel.
Join