Dogecoin is up more than 25% against the US dollar. DOGE has cleared the $0.120 resistance and may continue to rise towards the $0.132 resistance.
- DOGE began a strong rise after breaking the $0.0850 resistance level against the US dollar.
- The price is trading near the $0.120 level and above 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 $0.0845 (data source from Kraken).
- The price may extend the rally above the $0.1280 and $0.130 resistance levels.
Dogecoin price rises above $0.12.
In the last few sessions, Dogecoin price started to rise significantly from the $0.080 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 $0.0845. It even broke the $0.100 resistance to move further into positive territory like Bitcoin and Ethereum.
It is up more than 25% and is trading above $0.120. A new multi-week high was formed near $0.1282 and the price is currently correcting to the upside. The price is well above the 23.6% Fib retracement level, recently surging 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 other hand, the price is finding resistance near $0.1280. The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance line may cause the price to head towards the $0.1450 resistance line. The next major resistance is near $0.150. Any more profits could push the price down to the $0.1620 level.
Fixing DOGE’s shortcomings?
If the price of DOGE fails to rise above the $0.1280 level, a downward correction may begin. Initial support for the downside is near the $0.120 level.
The next major support is near the $0.1065 level or the 50% Fib retracement level of the recent surge from the $0.0845 swing low to the $0.1282 high. If there is a break below the $0.1065 support, the price may fall further. If specified, the price may fall to the $0.100 level.
technical indicators
4-Hour MACD – The MACD for DOGE/USD is now gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now in overbought territory.
Key support levels – $0.120, $0.1065 and $0.10.
Key resistance levels – $0.1280, $0.1320 and $0.150.
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.