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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.
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