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Home»EXCHANGE NEWS»Will Dogecoin price rise to $0.20 and DOGE Bulls send it to $0.25?
EXCHANGE NEWS

Will Dogecoin price rise to $0.20 and DOGE Bulls send it to $0.25?

By Crypto FlexsMarch 5, 20243 Mins Read
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Dogecoin is up more than 100% against the US dollar. DOGE rebounded towards the $0.20 resistance and may continue to rise towards the $0.225 resistance.

  • DOGE continued its upward trend above the $0.150 resistance level against the US dollar.
  • The price is trading above the $0.180 level and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the DOGE/USD pair, there is a connected bullish trendline with support at $0.1620 (data source from Kraken).
  • The price may extend the rally above the $0.200 and $0.2120 resistance levels.

Dogecoin price surges more than 100%

In the last few sessions, Dogecoin price began to rise significantly above the $0.10 resistance level. DOGE cleared many obstacles near $0.1250 to enter positive territory.

It even broke the $0.150 resistance line and surpassed Bitcoin and Ethereum. It has risen more than 100% in several sessions and is trading close to the $0.20 resistance level. A new multi-week high was formed near $0.992 and the price is currently correcting to the upside.

The price is well above the 23.6% Fib retracement level of the recent rally from the $0.1250 low to the $0.1992 high. DOGE is also trading above the $0.180 level and the 100 simple moving average (4-hours).

There is also a connected bullish trendline with support at $0.1620 on the 4-hours chart of the DOGE/USD pair. The trend line is near the 50% Fib retracement level of the recent rally from the $0.1250 swing low to the $0.1992 high.

Source: DOGEUSD on TradingView.com

On the other hand, the price is finding resistance near $0.1980. The next major resistance is near the $0.20 level. A close above the $0.20 resistance line may cause the price to head towards the $0.2250 resistance line. The next major resistance is near $0.2320. Any more profits could cause the price to drop to the $0.250 level.

Fixing DOGE’s shortcomings?

If the price of DOGE fails to rise above the $0.20 level, a downward correction could begin. Initial support for the downside is near the $0.182 level.

The next major support is near the $0.1620 level or the trend line. A downward break below the $0.1620 support could push the price lower. If indicated, the price may fall to the $0.1350 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 – $0.1820, $0.1620 and $0.1350.

Key resistance levels – $0.1980, $0.20, $0.2250.

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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