Dogecoin formed a base near $0.066 and started a fresh rise against the US dollar. DOGE could go higher if there is a close above the $0.080 resistance.
- DOGE gained pace and traded above the $0.075 resistance against the US Dollar.
- The price is trading above the $0.0750 zone and the 100 simple moving average (4-hours).
- A key uptrend line is forming with support near $0.0740 on the 4-hours chart of the DOGE/USD pair (data feed from Kraken).
- The pair could go higher if there is a clear close above the $0.080 resistance.
Bullish Dogecoin Price Signals
After a sharp decline, the dogecoin price found support near the $0.066 zone. DOGE remained well-bid and started a steady rise above the $0.068 resistance.
There was a clear move above the $0.070 resistance zone to set the pace for a decent rise. The price broke above the 23.6% Fibonacci retracement level of the key decline from the $0.1402 high to $0.0658 low. The price is now trading above the $0.0750 zone and the 100 simple moving average (4-hours).
There is also a key uptrend line forming with support near $0.0740 on the 4-hours chart of the DOGE/USD pair. In recent sessions, Doge saw bullish moves above $0.075, similar to bitcoin and ethereum.
On the upside, the price is facing resistance near the $0.080 level. The first major resistance is near the $0.0820 level. A clear move above the $0.082 resistance could send the price looking towards the $0.088 resistance. It is near the 50% Fib retracement level of the key dip from the $0.1402 high to $0.0658 low.
Font: DOGEUSD on TradingView.com
More gains could send the price looking towards the $0.090 level. A clear move above the $0.090 resistance could open the doors for a rally towards the $0.100 level.
Limited dives in DOGE?
If DOGE price fails to gain pace above the $0.082 level, a correction to the downside could begin. An initial support on the downside is near the $0.0765 level.
The next big support is near the $0.074 level and the trend line. If there is a break below the $0.074 support, the price could drop further. In the indicated case, the price could fall towards the $0.070 level.
technical indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Main support levels: $0.0765, $0.0740 and $0.0700.
Main resistance levels: $0.080, $0.0850 and $0.088.
