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Dogecoin is gaining bullish momentum above the $0.070 resistance against the US Dollar. DOGE could extend its rally towards the $0.080 resistance area.
- DOGE is currently showing positive signs above the $0.068 resistance against the US Dollar.
- The price is trading well above the $0.070 area and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.070 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- If the pair clears the $0.0732 resistance area, it could start a fresh rally.
Dogecoin price may increase by more than 10%
After correcting a decline, dogecoin price found support near the $0.0680 area. DOGE formed a base and recently started a fresh rise from $0.0675, outperforming bitcoin and Ethereum.
In the last two sessions, there was an uptrend above the $0.070 resistance area. The price climbed above the 50% Fib retracement level of the downside move from the $0.0750 high to $0.0670 low. DOGE is now trading well above the $0.070 area and the 100 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $0.070 on the 4-hours chart of the DOGE/USD pair. On the upside, the price is facing resistance near the $0.0732 level.
Source: DOGEUSD on Tradingview.com
The 76.4% Fib retracement level of the downside move from the $0.0750 high to $0.0670 low is also near the $0.0732 level. The first major resistance is near the $0.0750 level. If there is a close above the $0.0750 resistance, the price could move towards the $0.0780 resistance. The next major resistance is near the $0.080 level. Any more gains can take the price towards the $0.082 level.
Fresh decline in DOGE?
If DOGE price fails to gain momentum above the $0.0732 level, it could start a decline. On the downside, an initial support is near the $0.070 level and the trend line.
The next major support is near the $0.0675 level. If there is a break below the $0.0675 support, the price is likely to decline further. In the mentioned case, the price could decline towards the $0.0650 level.
technical indicators
4 hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now well above the 50 level.
Key Support Levels – $0.070, $0.0675, and $0.0650.
Key Resistance Levels – $0.0732, $0.0750, and $0.080.
