Dogecoin is showing bullish signs above the $0.0875 zone against the US dollar. DOGE could extend its rally towards the USD 0.100 resistance in the short term.
- DOGE is showing positive signs above the $0.0875 zone against the US dollar.
- The price is trading above the USD 0.0880 level and the 100 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance at $0.0842 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could continue its rally above the USD 0.090 and USD 0.092 resistance levels.
Dogecoin price aims higher
Over the past few sessions, Dogecoin price started a decent rise against the $0.082 support zone. DOGE has overcome many hurdles near USD 0.0850 to enter a positive zone.
There was a break above a key contracting triangle with resistance at $0.0842 on the 4-hour chart of the DOGE/USD pair. It even broke the USD 0.0880 resistance to move further into a positive zone like Bitcoin and Ethereum. A high was formed near USD 0.0914 and the price is now correcting gains.
There was a move below the 23.6% Fib retracement level of the recent wave, from the $0.0820 swing low to the $0.0914 high. DOGE is also trading above the $0.0875 level and the 100 simple moving average (4-hours).
Source: DOGEUSD on TradingView.com
On the upside, the price is facing resistance near the $0.0892 level. The next major resistance is near the $0.0915 level. A close above the resistance at $0.0915 could send the price towards the resistance at $0.095. 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 0.0915 level, a downward correction could occur. The initial downside support is near the $0.0865 level.
The next major support is near the $0.0855 level or the 61.8% Fib retracement level of the recent wave from the $0.0820 swing low to the $0.0914 high. If there is a downside break below the USD 0.0855 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 – $0.0865, $0.0855 and $0.0820.
Major resistance levels – $0.0915, $0.095 and $0.10.
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