Dogecoin (DOGE) Poised for Another Rise: Can Bulls Drive Higher?

Aayush Jindal

8 months ago

2 mins read

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Dogecoin is consolidating above the $0.1320 support zone against the US Dollar. DOGE must clear the $0.1425 resistance to start another increase.

DOGE price started a downside correction from the $0.1500 resistance level.
The price is trading below the $0.1420 level and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could gain bullish momentum if it clears the $0.1425 and $0.1450 resistance levels.

Dogecoin Price Eyes Upside Break

Dogecoin price started a downside correction from the $0.1500 resistance zone. DOGE dipped below $0.1450 and $0.1420 levels. A low was formed at $0.1330 and the price is now recovering losses like Bitcoin and Ethereum.

There was also a move above the $0.1350 and $0.1380 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low. However, the bears are active near the $0.1425 resistance zone.

There is also a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low.

Dogecoin price is now trading below the $0.1420 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1425 level. The next major resistance is near the $0.1450 level.

Dogecoin (DOGE) — Source: DOGEUSD on TradingView.com

A close above the $0.1450 resistance might send the price toward the $0.1500 resistance. Any more gains might send the price toward the $0.1550 level. The next major stop for the bulls might be $0.1585.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1425 level, it could start another decline. Initial support on the downside is near the $0.1365 level. The next major support is near the $0.1350 level.

The main support sits at $0.1320. If there is a downside break below the $0.1320 support, the price could decline further. In the stated case, the price might decline toward the $0.1250 level or even $0.1220 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now near the 50 level.

Major Support Levels – $0.1365 and $0.1320.

Major Resistance Levels – $0.1425 and $0.1450.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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