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.
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