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Dogecoin (DOGE)

Dogecoin Price Prediction: Doge Restarts Rally And Aims For $0.10

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

Dogecoin found support near $0.080 against the US Dollar. DOGE is rising and might rally toward the $0.10 resistance zone.

  • DOGE remained strong above the $0.080 support against the US dollar.
  • The price is trading above the $0.085 zone and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.0840 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
  • The pair could rise further toward the $0.10 resistance if Ethereum and Bitcoin extend gains.

Dogecoin Price Holds Ground

After a major rally, Dogecoin’s price started a downside correction below $0.090. DOGE tested the $0.080 support zone where the bulls took a strong stand.

A low was formed near $0.0803 and the price started a fresh increase. Recently, there were strong bullish moves in Ethereum and Bitcoin. They both dragged DOGE higher from the $0.082 zone. There was a move above the 23.6% Fib retracement level of the key drop from the $0.1050 swing high to the $0.0803 low.

Dogecoin price is now trading above the $0.085 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.0840 on the 4-hours chart of the DOGE/USD pair.

Dogecoin Price Prediction

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.0928 level. It is close to the 50% Fib retracement level of the key drop from the $0.1050 swing high to the $0.0803 low. A close above the $0.0928 resistance might send the price toward the $0.098 resistance. The next major resistance is near $0.100. Any more gains might send the price toward the $0.1125 level.

Fresh Decline in DOGE?

If DOGE’s price fails to gain pace above the $0.0928 level, it could start a fresh decline. Initial support on the downside is near the $0.086 level.

The next major support is near the $0.084 level and the trend line. If there is a downside break below the $0.084 support, the price could decline further. In the stated case, the price might decline toward the $0.080 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 – $0.086, $0.084, and $0.080.

Major Resistance Levels – $0.0928, $0.0980, and $0.010.

Tags: dogeDOGE/USDTDogecoindogeusddogeusdt
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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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