Dogecoin is gaining bullish momentum above the $0.075 resistance against the US Dollar. DOGE could extend its recovery towards the $0.085 resistance zone.
- DOGE is currently trading in a bullish zone above the $0.072 resistance against the US dollar.
- The price is trading well above the $0.075 zone and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.0725 on the 4-hour chart of DOGE/USD (data source from Kraken).
- The price is up almost 10% and may extend its rise above $0.080.
Dogecoin price gains momentum
In the last dogecoin price prediction, we discussed how DOGE could rise by 10%. The price made a base above the $0.0680 level and started a new rally.
The price cleared the $0.072 and $0.0725 resistance levels to break through bitcoin and Ethereum. It is up more than 10% and is trading near the $0.0780 resistance. A high is forming near $0.0780 and the price is now consolidating gains.
DOGE is trading well above the $0.0725 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 $0.0725. The pair is now trading above the 23.6% Fib retracement level of the recent rally from the $0.0695 swing low to the $0.0780 high.
Source: DOGEUSD on TradingView.com
On the upside, the price is facing resistance near the $0.0780 level. The first major resistance is near the $0.080 level. A close above the $0.080 resistance could send the price towards the $0.0820 resistance. Another major resistance is near $0.0832. Any further gains could send the price towards the $0.085 level.
Are dips limited in DOGE?
If the price of DOGE does not pick up the pace above the $0.0780 level, it could start a downward correction. Initial downside support is near the $0.0760 level.
Another major support is near the $0.0725 level and the trend line. If there is a break below the $0.0725 support, the price could fall further. In this case, the price may drop to the $0.070 level.
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 – $0.0765, $0.0725 and $0.070.
Major resistance levels – $0.0780, $0.080 and $0.085.
