Dogecoin is showing positive signs above the USD 0.075 resistance against the US dollar. DOGE could extend its rally if it breaks the $0.0835 resistance zone.
- DOGE is currently trading in a bullish zone with resistance above $0.075 against the US Dollar.
- The price is trading well above the $0.0765 zone and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.0760 on the DOGE/USD pair’s 4-hour chart (data source from Kraken).
- The price could rise again if it clears $0.0820 and $0.0835.
Dogecoin price continues in uptrend
In Dogecoin’s latest price prediction, we discussed how DOGE surged more than 10%. The price extended its rise above the $0.0820 resistance, outperforming Bitcoin and Ethereum.
Finally, it tested the $0.0840 zone. A high was formed near USD 0.0837 and recently saw a downside correction. There was a small decline below the $0.080 level. The price traded below the 23.6% Fib retracement level of the upward move from the $0.0695 swing low to the $0.0837 high.
However, the bulls were active near the $0.0765 support. DOGE is trading well above the $0.0765 zone and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near $0.0760 on the DOGE/USD pair’s 4-hour chart.
Source: DOGEUSD at TradingView.com
On the upside, the price is facing resistance near the $0.080 level. The first major resistance is near the $0.082 level. A close above the $0.082 resistance could push the price towards the $0.0835 resistance. The next major resistance is near $0.0855. More gains could push the price towards the $0.088 level.
Are dips limited in DOGE?
If the price of DOGE fails to gain pace above the $0.0820 level, it could drop further. The first support on the downside is near the $0.0765 level.
The next major support is near the $0.0760 level and trendline. If there is a downside break below the $0.0760 support, the price could move further down. In the said case, the price might fall towards the $0.070 level.
Technical indicators
4am MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Main Support Levels – $0.0765, $0.0760 and $0.072.
Main resistance levels – $0.080, $0.082 and $0.0835.