Dogecoin rallied over 25% and cleared the $0.090 resistance against the US Dollar. DOGE is correcting gains and might find fresh bids near the $0.088 support.
- DOGE gained pace and traded above the $0.090 resistance against the US dollar.
- The price is trading well above the $0.085 zone and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.094 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair could start a fresh increase if there is a clear move above $0.0940.
Dogecoin Price Trims Gains
After Twitter’s logo change, Dogecoin’s price saw a strong upward move from the $0.0750 support. DOGE outperformed Bitcoin and Ethereum. It rallied over 25% and cleared many hurdles near $0.0850.
The bulls were able to pump the price above the $0.090 resistance. Finally, the price spiked above $0.10 and traded to a new monthly high at $0.1051. Recently, there was a downside correction below the $0.1000 level.
DOGE’s price declined below the $0.095 level. The price tested the 50% Fib retracement level of the recent rally from the $0.0765 swing low to the $0.1051 high. It is now consolidating gains well above the $0.085 zone and the 100 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.0940 level. There is also a key bearish trend line forming with resistance near $0.094 on the 4-hours chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
The first major resistance is near the $0.095 level. A clear move above the $0.095 resistance might send the price toward the $0.100 resistance. Any more gains might send the price toward the $0.105 level. A clear move above the $0.105 resistance could open the gates for an increase toward the $0.12 level.
Dips Supported in DOGE?
If DOGE’s price fails to gain pace above the $0.095 level, it could continue to move down. Initial support on the downside is near the $0.0905 level.
The next major support is near the $0.085 level or the 76.4% Fib retracement level of the recent rally from the $0.0765 swing low to the $0.1051 high. If there is a downside break below the $0.085 support, the price could decline further. In the stated case, the price might decline toward the $0.075 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 – $0.090, $0.085, and $0.075.
Major Resistance Levels – $0.0940, $0.0950, and $0.100.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.newsbtc.com/analysis/dogecoin-price-prediction-doge-rally-not-over/
- :is
- 10
- 100
- a
- Able
- above
- against
- and
- At
- average
- bearish
- below
- Break
- Bullish
- Bulls
- case
- change
- Chart
- clear
- consolidating
- continue
- could
- data
- Decline
- Doge
- DOGE/USD
- Dogecoin
- dogecoin price
- Dogecoin price prediction
- Dollar
- down
- downside
- facing
- fails
- Finally
- Find
- First
- For
- fresh
- fresh increase
- from
- further
- Gain
- Gains
- Gates
- High
- HOURS
- HTTPS
- Hurdles
- in
- Increase
- index
- initial
- IT
- Key
- Kraken
- Level
- levels
- likely
- Line
- logo
- losing
- Low
- MACD
- major
- many
- max-width
- might
- Momentum
- monthly
- monthly high
- more
- move
- moving
- moving average
- Near
- New
- NewsBTC
- next
- of
- on
- open
- Pace
- plato
- Plato Data Intelligence
- PlatoData
- prediction
- price
- Price Prediction
- pump
- rally
- recent
- recently
- relative strength index
- Resistance
- retracement
- rsi
- Simple
- Source
- start
- stated
- strength
- strong
- support
- support levels
- Supported
- Swing
- The
- to
- toward
- traded
- Trading
- TradingView
- Trend
- Upside
- upward
- us
- US Dollar
- WELL
- with
- zephyrnet