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Dogecoin (DOGE) Prints Bullish Pattern

Dogecoin (DOGE) Prints Bullish Pattern, Why It Could Surge to $0.11

Aayush Jindal by Aayush Jindal
6 months ago
in Technical analysis
Reading Time: 2 mins read

Dogecoin declined below the $0.14 support against the US Dollar. DOGE tested the $0.070 support and now aims a fresh move above the $0.10 resistance.

  • DOGE started a fresh decline below the $0.14 and $0.12 levels against the US dollar.
  • The price is trading well below the $0.110 zone and the 100 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.088 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
  • The pair must stay above the $0.070 support zone to avoid more losses.

Dogecoin Price Aims Fresh Increase

In the past few days, dogecoin saw a major decline from well above the $0.14 level. DOGE declined below the $0.12 and $0.10 support levels, similar bitcoin and ethereum.

The price even broke the $0.085 support and tested the $0.07 support zone. A low was formed near $0.0699 before the bulls took a stand. The price formed a base above the $0.07 level and recently started a recovery wave.

There was a move above the $0.075 and $0.080 levels. Besides, there was a break above a key bearish trend line with resistance near $0.088 on the 4-hours chart of the DOGE/USD pair. The price is now trading well below the $0.110 zone and the 100 simple moving average (4-hours).

On the upside, the price is facing resistance near the $0.0915 level. It is near the 23.6% Fib retracement level of the downward move from the $0.1609 swing high to $0.0699 low.

Dogecoin Price

Source: DOGEUSD on TradingView.com

The first major resistance is near the $0.1100 level and the 100 simple moving average (4-hours). Any more gains above the $0.1100 zone could encourage the bulls to aim a test the 50% Fib retracement level of the downward move from the $0.1609 swing high to $0.0699 low at $0.115.

Fresh Decline in DOGE?

If DOGE price fails to gain pace above the $0.10 level, it could start another decline. An initial support on the downside is near the $0.0820 level.

The next major support is near the $0.070 level. If there is a downside break below the $0.070 support, the price could decline further. The main support is near the $0.0500 level. Any more losses could open the doors for a move towards the $0.0450 level.

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 – $0.0850, $0.0800 and $0.0700.

Major Resistance Levels – $0.0915, $0.1000 and $0.1100.

Tags: dogeDOGE/BTCDogecoindogeusddogeusdt
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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