Dogecoin Price (DOGE) Holds Strong – Why Bulls Could Aim Rally To $0.078

Aayush Jindal

Last Updated: June 11, 2024 2:28 pm

2 mins read

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Dogecoin is showing positive signs above the $0.0642 level against the US Dollar. DOGE could continue to rise if it stays above the $0.0606 support.

DOGE started a decent increase above the $0.0642 resistance against the US dollar.
The price is trading above the $0.065 level and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.0630 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could correct lower, but dips might be attractive near the $0.062 zone.

Dogecoin Price Starts Recovery

After a major decline, Dogecoin price found support near the $0.055 zone. DOGE traded as low as $0.0557 and started a fresh increase. There was a decent move above $0.0600 and the price settled above $0.0606.

Recently, there was a strong increase in Dogecoin like Bitcoin and Ethereum, and it was able to clear the $0.0620 resistance. The price climbed above the 50% Fib retracement level of the main decline from the $0.0772 swing high to the $0.0557 low.

Besides, there was a break above a key bearish trend line with resistance near $0.0630 on the 4-hour chart of the DOGE/USD pair. It is now trading above the $0.065 level and the 100 simple moving average (4 hours).

On the upside, the price is facing resistance near the $0.0665 level. The first major resistance is near the $0.0690 level or the 61.8% Fib retracement level of the main decline from the $0.0772 swing high to the $0.0557 low.

Source: DOGEUSD on TradingView.com

A close above the $0.0690 resistance might send the price toward the $0.0725 resistance. The next major resistance is near $0.0780. Any more gains might send the price toward the $0.080 level.

Are Dips Supported in DOGE?

If DOGE fails to gain pace above the $0.0690 level, it could start a downside correction. Initial support on the downside is near the $0.0642 level.

The next major support is near the $0.0606 level. If there is a downside break below the $0.0606 support, the price could decline further. In the stated case, the price might decline toward the $0.055 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 – $0.0642, $0.0625, and $0.0606.

Major Resistance Levels – $0.0665, $0.0690, and $0.075.

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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