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Home»BITCOIN NEWS»Dogecoin Price Prediction – DOGE Sends Bullish Signal, Bulls Target $0.10
BITCOIN NEWS

Dogecoin Price Prediction – DOGE Sends Bullish Signal, Bulls Target $0.10

By Crypto FlexsFebruary 20, 20243 Mins Read
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Dogecoin Price Prediction – DOGE Sends Bullish Signal, Bulls Target alt=
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Dogecoin is showing bullish signs above the $0.0875 area against the US dollar. DOGE may extend its uptrend towards $0.100 resistance in the near term.

  • DOGE is showing positive signs above the $0.0875 area against the US dollar.
  • The price is trading above the $0.0880 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 with resistance at $0.0842 (data source from Kraken).
  • The price may extend the rally above the $0.090 and $0.092 resistance levels.

Dogecoin Price Aims Higher

In the last few sessions, Dogecoin price has started a significant rise from the $0.082 support area. DOGE cleared many obstacles near $0.0850 to enter 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 $0.0842. It even broke the $0.0880 resistance to move further into the positive zone like Bitcoin and Ethereum. A high was made near $0.0914 and the price is currently correcting an upward trend.

It moved 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 other hand, the price is finding resistance near $0.0892. The next major resistance is near the $0.0915 level. A close above the $0.0915 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 $0.0915 level, a downward correction may begin. Initial support for the downside is near the $0.0865 level.

The next major support is near the $0.0855 level or the 61.8% Fib retracement level from the recent $0.0820 swing low to the $0.0914 high. A break below the $0.0855 support line could cause 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 – $0.0865, $0.0855 and $0.0820.

Key resistance levels – $0.0915, $0.095, $0.10.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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