Dogecoin Price Prediction – DOGE Pump To $0.12 Seems Imminent

Dogecoin is gaining pace above the $0.085 zone against the US Dollar. DOGE could start a fresh rally above the $0.088 and $0.095 resistance levels.

• DOGE is showing positive signs above the $0.085 zone against the US dollar.
• The price is trading above the $0.0865 level and the 100 simple moving average (4 hours).
• There was a break above a key contracting triangle with resistance at $0.0820 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
• The price could extend its rally above the $0.088 and $0.095 resistance levels.

Dogecoin Price Turns Green

In the past few sessions, Dogecoin price started a decent increase from the $0.080 support zone. DOGE cleared many hurdles near $0.0820 to enter a positive zone.

There was a break above a key contracting triangle with resistance at $0.0820 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.0850 resistance, but the upsides were less than Bitcoin and Ethereum. A high is formed near $0.0883 and the price is now consolidating gains.

It is trading above the 23.6% Fib retracement level of the recent increase from the $0.0795 swing low to the $0.0883 high. DOGE is also trading above the $0.0865 level and the 100 simple moving average (4 hours).

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.0880 level. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance might send the price toward the $0.095 resistance. The next major resistance is near $0.100. Any more gains might send the price toward the $0.120 level.

Downside Correction in DOGE?

If DOGE’s price fails to gain pace above the $0.0880 level, it could start a downside correction. Initial support on the downside is near the $0.0860 level.

The next major support is near the $0.0840 level or the 50% Fib retracement level of the recent increase from the $0.0795 swing low to the $0.0883 high. If there is a downside break below the $0.0840 support, the price could decline further. In the stated case, the price might decline toward the $0.0820 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.086, $0.084, and $0.082.

Major Resistance Levels – $0.088, $0.092, and $0.10.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://www.newsbtc.com/analysis/doge/dogecoin-price-prediction-doge-pump-to-0-12/