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Home»Analysis»Dogecoin Price (DOGE) Jumps 10%
Analysis

Dogecoin Price (DOGE) Jumps 10%

2023-07-25No Comments3 Mins Read
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Dogecoin is gaining bullish momentum above the $0.075 resistance against the US Dollar. DOGE might extend its rally into the $0.085 resistance zone.

  • DOGE is currently trading in a bullish zone with resistance above $0.072 against the US Dollar.
  • The price is trading well above the $0.075 zone and the 100 simple moving average (4 hours).
  • A major bullish trendline is forming with support near $0.0725 on the DOGE/USD pair’s 4-hour chart (data source from Kraken).
  • The price is up close to 10% and could extend its rise above $0.080.

Dogecoin price is gaining momentum

In Dogecoin’s latest price prediction, we discussed how DOGE could rise by 10%. The price formed a base above the $0.0680 level and started another rally.

The price cleared the $0.072 and $0.0725 resistance levels and outperformed Bitcoin and Ethereum. It is up more than 10% and is trading near the $0.0780 resistance. A high is forming near $0.0780 and the price is now consolidating gains.

DOGE is trading well above the $0.0725 zone and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near $0.0725 on the 4-hour chart of the DOGE/USD pair. The pair is now trading above the 23.6% Fib retracement level from the recent rally from the $0.0695 swing low to the $0.0780 high.

Dogecoin Price (DOGE)

Source: DOGEUSD at TradingView.com

On the upside, the price is facing resistance near the $0.0780 level. The first major resistance is near the $0.080 level. A close above the $0.080 resistance could push the price towards the $0.0820 resistance. The next major resistance is near $0.0832. More gains could push the price towards the $0.085 level.

See also  Bitcoin holds the line - but can it bounce back or break down?

Are dips limited in DOGE?

If the price of DOGE fails to gain momentum above the $0.0780 level, it could trigger a downside correction. The first support on the downside is near the $0.0760 level.

The next major support is near the $0.0725 level and trendline. If there is a downside break below the $0.0725 support, the price could move further. In the said case, the price might fall towards the $0.070 level.

Technical indicators

4am MACD – The MACD for DOGE/USD is now gaining 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, $0.0725 and $0.070.

Main resistance levels – $0.0780, $0.080 and $0.085.

Source link

DOGE Dogecoin jumps Price
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