Dogecoin is gaining bullish momentum above the $0.070 resistance against the US Dollar. DOGE could extend its rally toward the $0.080 resistance zone.
- DOGE is currently showing positive signs above $0.068 resistance against the US dollar.
- The price is trading well above the $0.070 zone and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.070 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair could start a fresh rally if it clears the $0.0732 resistance zone.
Dogecoin Price Could Rally Over 10%
After a downside correction, Dogecoin’s price found support near the $0.0680 zone. DOGE formed a base and recently started a fresh increase from $0.0675, outperforming Bitcoin and Ethereum.
In the past two sessions, there were bullish moves above the $0.070 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $0.0750 swing high to the $0.0670 low. DOGE is now trading well above the $0.070 zone and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support near $0.070 on the 4-hours chart of the DOGE/USD pair. On the upside, the price is facing resistance near the $0.0732 level.
Source: DOGEUSD on TradingView.com
The 76.4% Fib retracement level of the downward move from the $0.0750 swing high to the $0.0670 low is also near the $0.0732 level. The first major resistance is near the $0.0750 level. A close above the $0.0750 resistance might send the price toward the $0.0780 resistance. The next major resistance is near $0.080. Any more gains might send the price toward the $0.082 level.
Fresh Decline in DOGE?
If DOGE’s price fails to gain pace above the $0.0732 level, it could start a downside correction. Initial support on the downside is near the $0.070 level and the trend line.
The next major support is near the $0.0675 level. If there is a downside break below the $0.0675 support, the price could decline further. In the stated case, the price might decline toward the $0.0650 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.
Major Support Levels – $0.070, $0.0675, and $0.0650.
Major Resistance Levels – $0.0732, $0.0750, and $0.080.
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