Dogecoin is rising above the $0.070 resistance against the US Dollar. DOGE could surge if there is a clear move above the $0.075 resistance zone.
- DOGE gained pace and traded above the $0.070 support against the US dollar.
- The price is trading below the $0.075 zone and the 100 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $0.074 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair could start a major increase if there is a clear move above $0.0750.
Dogecoin Price Regains Traction
After a steady decline, dogecoin price found support near the $0.0625 zone. DOGE formed a base above the $0.0625 level and recently started a fresh increase, similar to bitcoin and ethereum.
There was a break above the $0.0650 and $0.0680 resistance levels. The bulls pumped the price above the $0.0700 resistance zone. Finally, it tested the $0.0750 resistance zone and the 100 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $0.074 on the 4-hours chart of the DOGE/USD pair.
DOGE price is trading below the $0.075 zone and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0740 level. It is near the 50% Fib retracement level of the main drop from the $0.0831 swing high to $0.0627 low.
The first major resistance is near the $0.0755 level. It is near the 61.8% Fib retracement level of the main drop from the $0.0831 swing high to $0.0627 low.
Source: DOGEUSD on TradingView.com
A clear move above the $0.0755 resistance might send the price towards the $0.080 resistance. Any more gains might send the price towards the $0.088 level. A clear move above the $0.088 resistance could open the gates for an increase towards the $0.092 level.
Dips Supported in DOGE?
If DOGE price fails to gain pace above the $0.075 level, it could start a downside correction. An initial support on the downside is near the $0.070 level.
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 towards the $0.0625 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 30 level.
Major Support Levels – $0.070, $0.0675 and $0.0625.
Major Resistance Levels – $0.0740, $0.0750 and $0.080.
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