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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Dogecoin Price Prints Bullish Pattern, Why Close Above $0.08 Is Critical

Aayush Jindal
Aayush Jindal
2 years ago
2 mins read
Dogecoin

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Dogecoin formed a base near $0.066 and started a fresh increase against the US Dollar. DOGE could rise further if there is a close above the $0.080 resistance.

  • DOGE gained pace and traded above the $0.075 resistance against the US dollar.
  • The price is trading above the $0.0750 zone and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.0740 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
  • The pair could rise further if there is a clear close above the $0.080 resistance.

Dogecoin Price Signals Bullish

After a strong decline, dogecoin price found support near the $0.066 zone. DOGE remained well bid and started a steady increase above the $0.068 resistance.

There was a clear move above the $0.070 resistance zone to set the pace for a decent increase. The price cleared the 23.6% Fib retracement level of the key decline from the $0.1402 swing high to $0.0658 low. The price is now trading above the $0.0750 zone and the 100 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $0.0740 on the 4-hours chart of the DOGE/USD pair. In the past few sessions, doge saw bullish moves above $0.075, similar to bitcoin and ethereum.

On the upside, the price is facing resistance near the $0.080 level. The first major resistance is near the $0.0820 level. A clear move above the $0.082 resistance might send the price towards the $0.088 resistance. It is near the 50% Fib retracement level of the key decline from the $0.1402 swing high to $0.0658 low.

Dogecoin Price Signals Bullish

Source: DOGEUSD on TradingView.com

Any more gains might send the price towards the $0.090 level. A clear move above the $0.090 resistance could open the gates for a rally towards the $0.100 level.

Dips Limited in DOGE?

If DOGE price fails to gain pace above the $0.082 level, it could started a downside correction. An initial support on the downside is near the $0.0765 level.

The next major support is near the $0.074 level and the trend line. If there is a downside break below the $0.074 support, the price could decline further. In the stated case, the price might decline towards the $0.070 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 – $0.0765, $0.0740 and $0.0700.

Major Resistance Levels – $0.080, $0.0850 and $0.088.

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Aayush Jindal
Aayush Jindal

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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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
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