Dogecoin is gaining pace above the $0.085 zone against the US dollar. DOGE could start a new rally above the USD 0.088 and USD 0.095 resistance levels.
- DOGE is showing positive signs above the $0.085 zone against the US dollar.
- The price is trading above the USD 0.0865 level and the 100 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance at $0.0820 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could continue its rally above the USD 0.088 and USD 0.095 resistance levels.
Dogecoin price turns green
Over the past few sessions, Dogecoin price started a decent rise against the $0.080 support zone. DOGE has overcome many hurdles near USD 0.0820 to enter a positive zone.
There was a break above a key contracting triangle with resistance at $0.0820 on the 4-hour chart of the DOGE/USD pair. It even broke the USD 0.0850 resistance, but the gains were less than Bitcoin and Ethereum. A high is formed near USD 0.0883 and the price is now consolidating gains.
It is trading above the 23.6% Fib retracement level of the recent rise from the $0.0795 swing low to the $0.0883 high. DOGE is also trading above the $0.0865 level and the 100 simple moving average (4-hours).
Source: DOGEUSD on TradingView.com
On the upside, the price is facing resistance near the $0.0880 level. The next major resistance is near the $0.0920 level. A close above the USD 0.0920 resistance could send the price towards the USD 0.095 resistance. The next major resistance is near USD 0.100. Any further gains could send the price towards the USD 0.120 level.
Disadvantage correction in DOGE?
If DOGE price fails to rise above the USD 0.0880 level, a downward correction could occur. The initial downside support is near the $0.0860 level.
The next major support is near the $0.0840 level or the 50% Fib retracement level of the recent rise from the $0.0795 swing low to the $0.0883 high. If there is a downside break below the USD 0.0840 support, the price could fall further. In the mentioned case, the price could drop to the $0.0820 level.
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now losing 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 – $0.086, $0.084 and $0.082.
Major resistance levels – $0.088, $0.092 and $0.10.
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