Dogecoin is showing positive signs above the USD 0.0750 resistance against the US dollar. DOGE could rise more than 10% if it breaks the $0.0812 resistance zone.
- DOGE started a decent rise above the USD 0.0750 resistance against the US dollar.
- The price is trading above the USD 0.0785 level and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.0792 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could start a strong rally like Solana if the USD 0.0812 resistance is cleared.
Dogecoin Price Eyes Fresh Rally
After forming a base above the $0.070 level, Dogecoin price started a new increase. DOGE has broken the resistance zone at $0.0725 to move into a positive zone like Bitcoin and Ethereum.
The bulls were able to push the price further above the USD 0.0750 resistance. There was a clear move above the 50% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low. However, the price seems to be struggling near the USD 0.0812 resistance.
DOGE is now trading above the $0.0785 level and the 100 simple moving average (4-hours). There is also a major bullish trendline forming with support near $0.0792 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0812 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low. The next major resistance is near the $0.0835 level.
Source: DOGEUSD on TradingView.com
A close above the resistance at $0.0835 could send the price towards the resistance at $0.088. The next major resistance is near USD 0.0920. Any further gains could send the price towards the USD 0.095 level.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.0812 level, a downward correction could occur. The initial downside support is near the $0.0792 level and the trendline.
The next major support is near the $0.0770 level. If there is a downside break below the USD 0.0770 support, the price could fall further. In the mentioned case, the price could drop to the $0.0710 level.
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.0792, $0.0770 and $0.0710.
Major resistance levels – $0.0812, $0.0835 and $0.0880.