Dogecoin Restarts Rally: Is The Doge Hype Reigniting?

Aayush Jindal

7 months ago

2 mins read

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Dogecoin is rising above the $0.120 resistance zone against the US Dollar. DOGE is now showing positive signs and might clear the $0.1280 resistance.

DOGE price started a fresh increase above the $0.1200 resistance level.
The price is trading above the $0.1220 level and the 100-hourly simple moving average.
There was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could gain bullish momentum if it clears the $0.1250 and $0.1280 resistance levels.

Dogecoin Price Regains Traction

Dogecoin price started a fresh increase above the $0.1100 resistance zone. DOGE gained traction for a move above the $0.1200 resistance zone, beating Bitcoin and Ethereum. There was also a move above the $0.1250 and $0.1265 resistance levels.

During the increase, there was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. The pair traded as high as $0.1297 and recently saw a minor downside correction.

The price dipped below the $0.1265 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high. Dogecoin price is now trading above the $0.1200 level and the 100-hourly simple moving average.

Dogecoin Price — Source: DOGEUSD on TradingView.com

Immediate resistance on the upside is near the $0.1280 level. The next major resistance is near the $0.1300 level. A close above the $0.1300 resistance might send the price toward the $0.1320 resistance. Any more gains might send the price toward the $0.1350 level. The next major stop for the bulls might be $0.1400.

Are Dips Supported In DOGE?

If DOGE’s price fails to climb above the $0.1280 level, it could start another decline. Initial support on the downside is near the $0.1235 level. The next major support is near the $0.1200 level and the 50% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high.

The main support sits at $0.1175. If there is a downside break below the $0.1175 support, the price could decline further. In the stated case, the price might decline toward the $0.1150 level or even $0.1120 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.1235 and $0.1200.

Major Resistance Levels – $0.1280 and $0.1300.

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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