Introduction
Dogecoin (DOGE) has recently shown a fresh surge from the $0.0985 support level against the US Dollar. This article delves into the significant price movements, key resistance levels, and future price predictions for Dogecoin.
- DOGE price is eyeing a potential breakout above the $0.1085 resistance level.
- The price is currently trading above the $0.100 mark and the 100-hourly simple moving average.
- A break above a crucial bearish trend line with resistance at $0.1030 was observed on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- The price could see a rally if it surpasses the $0.1060 and $0.1085 resistance levels.
Dogecoin Price Rises Again
After a period of steady decline, Dogecoin found strong support near the $0.0985 level, forming a solid base. This support allowed DOGE to initiate a decent upward movement, mirroring the trends seen in Bitcoin and Ethereum. The price successfully moved above the $0.1020 and $0.1040 resistance levels, indicating a bullish trend.
Additionally, there was a significant break above a key bearish trend line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair. This pair also surpassed the 50% Fibonacci retracement level of the downward move from the $0.1084 swing high to the $0.0985 low, reinforcing the bullish sentiment.
Currently, Dogecoin is trading above the $0.1040 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1050 level, which aligns closely with the 61.8% Fibonacci retracement level of the aforementioned downward move. If DOGE manages to break this level, the next significant resistance will be around the $0.1060 mark.
Closing above the $0.1060 resistance might propel the price further towards the $0.1085 resistance. Continued gains could even push the price towards the $0.1150 level, with the next major stop for the bulls potentially being around $0.1200.
Another Rejection In DOGE?
If Dogecoin’s price fails to climb above the $0.1060 level, another decline could be on the horizon. Initial support on the downside is near the $0.1030 level, aligning with the same trend line mentioned earlier. The next crucial support is around the $0.1020 level.
The main support sits firmly at $0.0985. If a downside break occurs below this level, the price could face further declines. In such a scenario, Dogecoin’s price might drop towards the $0.0920 level, or even as low as $0.0885 in the near term.
Technical Indicators
Hourly MACD
The MACD for DOGE/USD is currently gaining momentum in the bullish zone, indicating a potential upward movement.
Hourly RSI
The Relative Strength Index (RSI) for DOGE/USD is now above the 50 level, suggesting a bullish sentiment in the market.
Major Support Levels
- $0.1030
- $0.1000
Major Resistance Levels
- $0.1060
- $0.1085
