Dogecoin is pacing above the $0.085 area against the US dollar. DOGE may begin a new rally above the $0.088 and $0.095 resistance levels.
- DOGE is showing positive signs above the $0.085 area against the US dollar.
- The price is trading above the $0.0865 level and the 100 simple moving average (4-hours).
- On the 4-hours chart of the DOGE/USD pair, a breakout occurred above the main contraction triangle at the resistance level of $0.0820 (data source from Kraken).
- The price may extend the rally above the $0.088 and $0.095 resistance levels.
Dogecoin price turns green
In the last few sessions, Dogecoin price has started a significant rise from the $0.080 support zone. DOGE cleared many obstacles near $0.0820 and entered positive territory.
On the 4-hours chart of the DOGE/USD pair, a breakout occurred above the main contraction triangle at the resistance level of $0.0820. Although it broke through the resistance level of $0.0850, the upside was less than that of Bitcoin and Ethereum. A high was made near $0.0883 and the price is now consolidating gains.
It is trading above the 23.6% Fib retracement level, which recently increased 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 other hand, the price is finding resistance near $0.0880. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance line may cause the price to head towards the $0.095 resistance line. The next major resistance is near $0.100. If more profits are made, the price may drop to the $0.120 level.
Fixing DOGE’s shortcomings?
If the price of DOGE fails to rise above the $0.0880 level, a downward correction may begin. Initial support for the downside 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 increase from the $0.0795 swing low to the $0.0883 high. A break below the $0.0840 support could lead the price to fall further. If indicated, the price may fall to the $0.0820 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 – $0.086, $0.084, $0.082.
Key resistance levels – $0.088, $0.092, $0.10.
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