Home CryptocurrencyAnalysis DOGE Price Prediction: Dogecoin Could Restart Rally if It Holds This Support

DOGE Price Prediction: Dogecoin Could Restart Rally if It Holds This Support

by SuperiorInvest

Dogecoin is correcting gains from the $0.230 zone against the US Dollar. DOGE must stay above the $0.1750 support zone to start a fresh rise.

  • DOGE struggled to stay above $0.225 and corrected gains against the US dollar.
  • The price is trading above the $0.1750 level and the 100 simple moving average (4-hours).
  • There was a break below a key uptrend line with support at $0.2040 on the 4-hour chart of the DOGE/USD pair (data feed from Kraken).
  • The price could restart its rise unless there is a close below the $0.1750 support.

Dogecoin price nears key support

After a steady rise, Dogecoin price attempted further gains above the $0.230 zone. However, DOGE struggled above $0.2250. A high was formed at $0.2294 and the price started a downward correction, like Bitcoin and Ethereum.

There was a drop below the $0.2050 and $0.200 support levels. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $0.1228 to the high of $0.2294.

Additionally, there was a break below a key uptrend line with support at $0.2040 on the 4-hour chart of the DOGE/USD pair. However, Dogecoin is still above the $0.1750 level and the 100 simple moving average (4-hours).

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.1950 level. The next major resistance is near the $0.200 level. A close above the $0.200 resistance could send the price towards the $0.2150 resistance. The next major resistance is near $0.2300. Any further gains could send the price towards the $0.2500 level.

More disadvantages of DOGE?

If DOGE price fails to gain pace above the $0.200 level, it could continue to decline. Initial support on the downside is near the $0.1820 level.

The next major support is near the $0.1750 level or the 50% Fibonacci retracement level of the upward move from the low of $0.1228 to the high of $0.2294. If there is a downside break below the $0.1750 support, the price could fall further. In the indicated case, the price could fall towards the $0.1480 level.

Technical Indicators

4-hour MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Main support levels: $0.1820, $0.1750 and $0.1480.

Main resistance levels: $0.2000, $0.2150 and $0.2300.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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