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.
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.
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.