Dogecoin is seeking bids above the $0.0750 area against the US dollar. DOGE could gain bullish momentum if it clears the $0.0820 resistance area.
- DOGE is showing positive signs above the $0.080 area against the US dollar.
- The price is trading above the $0.0795 level and the 100 simple moving average (4-hours).
- On the 4-hours chart of the DOGE/USD pair, there is a major ascending channel forming with support at $0.0795 (data source from Kraken).
- The price may begin to recover once $0.0820 and $0.0850 are cleared.
Dogecoin price sees fresh surge
Over the past few sessions, Dogecoin price has remained above the $0.0750 area. DOGE formed a base and began a recovery above $0.0780, like Bitcoin and Ethereum recently.
There was a decent move above the 23.6% Fib retracement level on the downside from the $0.0924 swing high to the $0.0760 low. DOGE is currently trading near the $0.080 level and above the 100 simple moving average (4-hours). On the 4-hours chart of the DOGE/USD pair, there is also a major ascending channel with support at $0.0795.
On the other hand, the price is finding resistance near $0.0820. The next major resistance is near the $0.0842 level. This is close to the 50% Fib retracement level of the downward move from the $0.0924 swing high to the $0.0760 low.
Source: DOGEUSD on TradingView.com
A close above the $0.0845 resistance line may cause the price to move towards the $0.090 resistance line. The next major resistance is near $0.095. If more profits are made, the price may drop to the $0.105 level.
Another decline in DOGE?
If DOGE’s price fails to rise above the $0.0845 level, a new decline could begin. Initial support for the downside is near the $0.0780 level.
The next major support is near the $0.0765 level. A break below the $0.0765 support line could cause the price to fall further. If indicated, the price may fall to the $0.0720 level.
technical indicators
4-Hour MACD – The MACD for DOGE/USD is now losing momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.078, $0.0765, $0.0750.
Key resistance levels – $0.0820, $0.0845, $0.0920.
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