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

Charted: Dogecoin (DOGE) Beats Bitcoin, Why It Could Test $0.5

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Dogecoin (DOGE)

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Dogecoin extended its rally above the $0.4000 resistance against the US Dollar. DOGE tested the $0.4500 zone and it is likely to continue higher in the near term.

  • DOGE gained bullish momentum above the $0.3500 and $0.4000 resistance levels against the US dollar.
  • The price is trading nicely above the $0.3000 support and the 100 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $0.3600 on the 4-hours chart of the DOGE/USD pair (data source from Bitfinex).
  • The pair is correcting gains, but dips are likely to remain limited below $0.3500.

Dogecoin Rallies To $0.45

After forming a base above the $0.2800 and $0.3000 levels, dogecoin started a fresh rally. It broke many important hurdles near the $0.3500 and $0.3550 levels, outperforming bitcoin.

DOGE rallied above the $0.4000 barrier and settled above the 100 simple moving average (4-hours). It tested the $0.4500 resistance zone and a high is formed near $0.4512. The price is now correcting gains and trading below the $0.4400 level.

It spiked below the $0.4200 support zone. There was a break below the 23.6% Fib retracement level of the recent rally from the $0.2971 swing low to $0.4512 high.

Dogecoin (DOGE)

Source: DOGEUSD on TradingView.com

On the downside, an initial support is near the $0.4000 level. The next major support is seen near the $0.3750 level. It is close to the 50% Fib retracement level of the recent rally from the $0.2971 swing low to $0.4512 high.

The main support is forming near the $0.3600 and $0.3500 levels. There is also a crucial bullish trend line forming with support near $0.3600 on the 4-hours chart of the DOGE/USD pair. Any more losses could open the doors for a move towards the $0.3000 level.

More Upsides in DOGE

If DOGE price remains stable above the $0.4000 support or the trend line, there are chances of more upsides. An initial resistance on the upside is near the $0.4350 level.

The first major resistance is near the $0.4500 level. Any more gains and a clear close above $0.4500 could set the pace for a rise towards the $0.5000 resistance zone.

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 – $0.4000, $0.3750 and $0.3600.

Major Resistance Levels – $0.4350, $0.4500 and $0.5000.

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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.

Read more

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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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
How Our News is Made

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

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