Reason to trust
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 towards the $0.108 level against the US Dollar. DOGE is correcting gains and approaching a major support at $0.090.
- DOGE started a downside correction from the $0.1080 resistance against the US dollar.
- The price is trading well above the $0.0850 zone and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.090 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair must stay above the $0.088 support zone to start a fresh rally.
Dogecoin Price Aims Fresh Increase
In the past few days, dogecoin saw a major increase above the $0.0850 resistance zone. DOGE climbed above the $0.0920 and $0.0950 resistance levels, outpacing bitcoin and ethereum.
The price even jumped above the $0.100 resistance and settled above the 100 simple moving average (4-hours). However, the bears took a stand near the $0.1080 resistance zone. A high was formed near $0.1077 and the price started a downside correction.
Doge price corrected lower below the $0.100 support. There was a move below the 23.6% Fib retracement level of the upward move from the $0.0713 swing low to $0.1077 high.
It is now trading well above the $0.0850 zone and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.090 on the 4-hours chart of the DOGE/USD pair. On the upside, the price is facing resistance near the $0.0980 level.
Source: DOGEUSD on TradingView.com
The first major resistance is near the $0.1000 level. Any more gains above the $0.1000 zone could encourage the bulls to aim a retest of $0.1080. If they push the price above $0.1080, there could be a rally towards the $0.120 level.
More Losses in DOGE?
If DOGE price fails to gain pace above the $0.10 level, it could continue to move down. An initial support on the downside is near the $0.0920 level.
The next major support is near the $0.090 level and the trend line. If there is a downside break below the $0.0960 support, the price could decline further. The main support is near the $0.0850 level. Any more losses could open the doors for a move towards the $0.0780 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 – $0.0900, $0.0880 and $0.0850.
Major Resistance Levels – $0.0980, $0.1000 and $0.1080.
