Dogecoin has risen more than 25% against the US dollar. DOGE managed to overcome the USD 0.120 resistance and could continue rising towards the USD 0.132 resistance.
- DOGE started a strong rise after breaking the USD 0.0850 resistance against the US dollar.
- The price is trading above the USD 0.120 level and the 100 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance at $0.0845 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could extend its rally above the USD 0.1280 and USD 0.130 resistance levels.
Dogecoin price rises above $0.12
Over the past few sessions, Dogecoin price started a strong rise against the $0.080 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 $0.0845 on the 4-hour chart of the DOGE/USD pair. It even broke the USD 0.100 resistance to move further into a positive zone like Bitcoin and Ethereum.
It is up over 25% and trading above $0.120. A new multi-week high was formed near $0.1282 and the price is now correcting gains. The price is well above the 23.6% Fib retracement level of the recent rise from the $0.0845 swing low to the $0.1282 high.
Source: DOGEUSD on TradingView.com
DOGE is also trading above the $0.1220 level and the 100 simple moving average (4-hours). On the upside, the price is facing resistance around the $0.1280 level. The next major resistance is near the $0.1320 level. A close above the resistance at $0.1320 could send the price towards the resistance at $0.1450. The next major resistance is near USD 0.150. Any further gains could send the price towards the USD 0.1620 level.
Disadvantage correction in DOGE?
If DOGE price fails to move above the USD 0.1280 level, a downward correction could occur. The initial downside support is near the USD 0.120 level.
The next major support is near the $0.1065 level or the 50% Fib retracement level of the recent rise from the $0.0845 swing low to the $0.1282 high. If there is a downside break below the USD 0.1065 support, the price could fall further. In the mentioned case, the price could drop towards the $0.100 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 in the overbought zone.
Major support levels – $0.120, $0.1065 and $0.10.
Major resistance levels – $0.1280, $0.1320 and $0.150.
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