Home CryptocurrencyAnalysis Dogecoin price technicals recommend DOGE to clear $0.920 for the next rally

Dogecoin price technicals recommend DOGE to clear $0.920 for the next rally

by SuperiorInvest

Dogecoin is gaining momentum above the $0.085 resistance against the US dollar. DOGE could move higher if there is a close above the $0.092 resistance.

  • DOGE gained momentum and traded above the $0.085 resistance against the US dollar.
  • The price is trading above the $0.0850 zone and the 100 simple moving average (4 hours).
  • A major bullish trendline is forming with support near $0.0830 on the 4-hour chart of DOGE/USD (data source from Kraken).
  • The pair could move higher if there is a clear close above the $0.092 resistance.

Dogecoin price has increased

After forming a base above the USD 0.065 zone, the dogecoin price started to rise steadily. DOGE remained a good bid and gained momentum above the $0.075 resistance.

There was a clear move above the $0.080 resistance zone, which started a decent rally. The price broke several barriers near the $0.085 level and settled above the 100 simple moving average (4 hours), similar to bitcoin and ethereum. A new yearly high was made near $0.0934 and the price is now consolidating gains.

It is trading near the 23.6% Fib retracement level on the upside from the $0.0768 low to $0.0934 high. Doge price is now trading above the $0.0850 zone and the 100 simple moving average (4 hours).

A major bullish trendline is also forming on the 4-hour chart of the DOGE/USD pair with support near $0.0830. On the upside, the price is facing resistance near the $0.0915 level. The first major resistance is near the $0.0920 level.

Source: DOGEUSD on TradingView.com

A clear move above the $0.092 resistance could send the price towards the $0.098 resistance. Any further gains could send the price towards the $0.100 level. A clear move above the $0.100 resistance could open the gates for a rally towards the $0.112 level.

Drops supported in DOGE?

If the DOGE price does not pick up the pace above the $0.092 level, it could trigger a downward correction. Initial downside support is near the $0.0880 level.

Another major support is near the $0.085 level or the 50% Fib retracement level of the upward move from the $0.0768 low to $0.0934 high. If there is a break below the $0.085 support, the price could fall further. In the mentioned case, the price may fall towards the $0.082 level and the trend line.

Technical indicators

4-Hours MACD – The MACD for DOGE/USD is now gaining strength in the bullish zone.

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

Major support levels – $0.088, $0.0850 and $0.0820.

Major resistance levels – $0.0915, $0.0920 and $0.098.

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