Dogecoin Price Prediction: Doge Rally Faded But Not Likely Over

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Dogecoin rallied over 25% and cleared the $0.090 resistance against the US Dollar. DOGE is correcting gains and might find fresh bids near the $0.088 support.

DOGE gained pace and traded above the $0.090 resistance against the US dollar.
The price is trading well above the $0.085 zone and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.094 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
The pair could start a fresh increase if there is a clear move above $0.0940.

Dogecoin Price Trims Gains

After Twitter’s logo change, Dogecoin’s price saw a strong upward move from the $0.0750 support. DOGE outperformed Bitcoin and Ethereum. It rallied over 25% and cleared many hurdles near $0.0850.

The bulls were able to pump the price above the $0.090 resistance. Finally, the price spiked above $0.10 and traded to a new monthly high at $0.1051. Recently, there was a downside correction below the $0.1000 level.

DOGE’s price declined below the $0.095 level. The price tested the 50% Fib retracement level of the recent rally from the $0.0765 swing low to the $0.1051 high. It is now consolidating gains well above the $0.085 zone and the 100 simple moving average (4 hours).

On the upside, the price is facing resistance near the $0.0940 level. There is also a key bearish trend line forming with resistance near $0.094 on the 4-hours chart of the DOGE/USD pair.

Source: DOGEUSD on TradingView.com

The first major resistance is near the $0.095 level. A clear move above the $0.095 resistance might send the price toward the $0.100 resistance. Any more gains might send the price toward the $0.105 level. A clear move above the $0.105 resistance could open the gates for an increase toward the $0.12 level.

Dips Supported in DOGE?

If DOGE’s price fails to gain pace above the $0.095 level, it could continue to move down. Initial support on the downside is near the $0.0905 level.

The next major support is near the $0.085 level or the 76.4% Fib retracement level of the recent rally from the $0.0765 swing low to the $0.1051 high. If there is a downside break below the $0.085 support, the price could decline further. In the stated case, the price might decline toward the $0.075 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now losing 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 – $0.090, $0.085, and $0.075.

Major Resistance Levels – $0.0940, $0.0950, and $0.100.

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.
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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.