Dogecoin is showing positive signs above the $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 above $0.075 resistance against the US dollar.
- The price is trading well above the $0.0765 zone and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.0760 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The price could start another increase if it clears $0.0820 and $0.0835.
Dogecoin Price Remains In Uptrend
In the last Dogecoin price prediction, we discussed how DOGE rallied over 10%. The price extended its increase above the $0.0820 resistance, outperforming Bitcoin and Ethereum.
Finally, it tested the $0.0840 zone. A high was formed near $0.0837 and recently there was a downside correction. There was a minor 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). There is also a major bullish trend line forming with support near $0.0760 on the 4-hours chart of the DOGE/USD pair.
Source: DOGEUSD on 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 might send the price toward the $0.0835 resistance. The next major resistance is near $0.0855. Any more gains might send the price toward the $0.088 level.
Are Dips Limited in DOGE?
If DOGE’s price fails to gain pace above the $0.0820 level, it could continue to move down. Initial support on the downside is near the $0.0765 level.
The next major support is near the $0.0760 level and the trend line. If there is a downside break below the $0.0760 support, the price could decline further. In the stated case, the price might decline toward the $0.070 level.
Technical Indicators
4 Hours 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.
Major Support Levels – $0.0765, $0.0760, and $0.072.
Major Resistance Levels – $0.080, $0.082, and $0.0835.