Dogecoin Price Prediction: Doge Breaking This Single Level Will Spark Fresh Rally

Aayush Jindal

1 year ago

2 mins read

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Dogecoin started a decent increase from the $0.0685 support against the US Dollar. DOGE could rally if it clears the $0.074 resistance zone.

DOGE is currently struggling to clear the $0.074 resistance against the US dollar.
The price is trading below the $0.0725 zone and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $0.0722 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
The pair could start a fresh rally if it clears the $0.0740 resistance zone.

Dogecoin Price Aims Higher

After a sharp decline, Dogecoin’s price found support near the $0.0685 zone. DOGE formed a base and recently started a decent increase above $0.070, similar to Bitcoin and Ethereum.

There was a clear move above the $0.0720 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.0755 swing high to the $0.0684 low. Besides, there was a break above a major bearish trend line with resistance near $0.0722 on the 4-hours chart of the DOGE/USD pair.

However, the bears were active near the $0.074 resistance. Dogecoin faced rejection near the 76.4% Fib retracement level of the downward move from the $0.0755 swing high to the $0.0684 low.

Doge is now trading below the $0.0725 zone and the 100 simple moving average (4 hours). It is holding the key $0.0718 support zone. On the upside, the price is facing resistance near the $0.0722 level. The first major resistance is near the $0.0740 level.

Source: DOGEUSD on TradingView.com

A close above the $0.074 resistance might send the price toward the $0.0775 resistance. The next major resistance is near $0.0800. Any more gains might send the price toward the $0.0825 level.

Downside Break in DOGE?

If DOGE’s price fails to gain pace above the $0.074 level, it could continue to move down. Initial support on the downside is near the $0.0718 level.

The next major support is near the $0.0700 level. If there is a downside break below the $0.070 support, the price could decline further. In the stated case, the price might decline toward the $0.0685 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.0718, $0.070, and $0.0685.

Major Resistance Levels – $0.0722, $0.0740, and $0.0775.

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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