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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Rally Runs Into Massive Weekly Resistance: $0.005 Holds The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Dogecoin

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Dogecoin rallied this week from the $0.0022 support area and gained over 100% against the US Dollar. DOGE is currently facing a strong resistance near $0.0500 on the weekly chart.

  • Dogecoin price gained heavily in the past few sessions and rallied more than 100% against the US dollar.
  • The price spiked above the $0.0500 resistance, but it failed to settle and trimmed gains.
  • Earlier, there was a break above a connecting bearish trend line with resistance near $0.0025 on the weekly chart of the DOGE/USDT pair (data source from Binance).
  • The pair is currently down more than 40% from the local high and a massive weekly resistance.

Dogecoin Rally Facing Hurdles Near $0.005

In the past few days, there was a strong support base formed by dogecoin above $0.0020 against the US Dollar. DOGE broke a couple of important hurdles near the $0.00250 level to start a strong rally.

There was a break above a connecting bearish trend line with resistance near $0.0025 on the weekly chart of the DOGE/USDT pair. It opened the doors for a sharp increase and the pair rallied more than 100%.

It broke the $0.0040 resistance and settled well above the 100-week simple moving average. It even spiked above the $0.00450 and $0.0050 resistance level (outpaced other major cryptocurrencies, including bitcoin and Ethereum).

Dogecoin

Dogecoin price rallies significantly. Source: TradingView.com

A new monthly high is formed near $0.0055 and the price is currently trimming gains. It seems like the bulls are facing a strong resistance near the $0.0050 weekly hurdle. It corrected below the 23.6% Fib retracement level of the recent rally from the $0.0011 swing low to $0.0055 high.

If there is a weekly close above the $0.0050 resistance level, there are chances of a sustained upward move. The next major resistance is seen near the $0.0055 and $0.0058 levels, followed by $0.0062.

Dips Supported in DOGE

If DOGE price corrects lower, it is likely to remain supported near the $0.0040 level. The next major support is near the $0.0034 level (the recent breakout zone) or the 50% Fib retracement level of the recent rally from the $0.0011 swing low to $0.0055 high.

Any further losses may perhaps put pressure on the bulls and the price could retreat towards the $0.0025 level in the coming days.

Technical Indicators

Weekly MACD – The MACD for DOGE/USDT is gaining momentum in the bullish zone.

Weekly RSI (Relative Strength Index) – The RSI for DOGE/USDT is rising and it is approaching the 85 level.

Major Support Levels – $0.0040, $0.0034 and $0.0025.

Major Resistance Levels – $0.0045, $0.0050 and $0.0055.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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