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.
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