Dogecoin Price Prediction – DOGE Rally To $0.085 Seems Imminent

Aayush Jindal

Last Updated: June 11, 2024 1:50 pm

2 mins read

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Dogecoin is showing positive signs above the $0.0720 resistance against the US Dollar. DOGE could rally over 10% if it clears the $0.0765 resistance zone.

DOGE started a decent increase above the $0.070 resistance against the US dollar.
The price is trading below the $0.0720 level and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could start a strong rally like Solana if it clears the $0.0765 resistance.

Dogecoin Price Aims Key Upside Break

After forming a base above the $0.065 level, Dogecoin price started a fresh increase. DOGE broke the $0.0685 resistance zone to move into a positive zone, like Bitcoin and Ethereum.

The bulls were able to push the price further above the $0.0720 resistance. However, the price failed to clear the $0.0765 resistance and corrected lower. There was a move below the $0.0740 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0655 swing low to the $0.0764 high.

DOGE is now trading above the $0.072 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $0.0655 swing low to the $0.0764 high.

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.0750 level. The first major resistance is near the $0.0765 level. A close above the $0.0765 resistance might send the price toward the $0.080 resistance. The next major resistance is near $0.0820. Any more gains might send the price toward the $0.085 level.

Are Dips Limited in DOGE?

If DOGE’s price fails to gain pace above the $0.0765 level, it could continue to move down. Initial support on the downside is near the $0.0720 level.

The next major support is near the $0.0712 level and the trend line. If there is a downside break below the $0.0712 support, the price could decline further. In the stated case, the price might decline toward the $0.070 level or the 100 simple moving average (4 hours).

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 – $0.0720, $0.0712, and $0.0700.

Major Resistance Levels – $0.0750, $0.0765, and $0.0850.

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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