Dogecoin is showing positive signs above the resistance at $0.0720 against the US dollar. DOGE could rise more than 10% if it breaks the USD 0.0765 resistance zone.
- DOGE started a decent rise above the USD 0.070 resistance against the US dollar.
- The price is trading below the USD 0.0720 level and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could start a strong rally like Solana if the USD 0.0765 resistance is cleared.
Dogecoin price aims for a major upside breakout
After forming a base above the $0.065 level, Dogecoin price started a new increase. DOGE has broken the resistance zone at $0.0685 to move into a positive zone like Bitcoin and Ethereum.
The bulls were able to push the price further above the USD 0.0720 resistance. However, the price failed to clear the USD 0.0765 resistance and corrected lower. There was a move below the USD 0.0740 level. The price fell below the 23.6% Fib retracement level of the upward move from the $0.0655 swing low to the $0.0764 high.
DOGE is now trading above the $0.072 level and the 100 simple moving average (4-hours). There is also a major bullish trendline forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair. The trendline is close to the 50% Fib retracement level of the upward move from the $0.0655 swing low to the $0.0764 high.
Source: DOGEUSD on TradingView.com
On the upside, the price is facing resistance around the $0.0750 level. The first major resistance is around the $0.0765 level. A close above the resistance at $0.0765 could send the price towards the resistance at $0.080. The next major resistance is near $0.0820. Any further gains could send the price towards the USD 0.085 level.
Are dips limited in DOGE?
If DOGE price fails to rise above the USD 0.0765 level, it could continue to decline. The initial downside support is near the $0.0720 level.
The next major support is near the $0.0712 level and trendline. If there is a downside break below the USD 0.0712 support, the price could fall further. In the mentioned case, the price could fall towards the $0.070 level or the 100 simple moving average (4 hours).
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.0720, $0.0712 and $0.0700.
Major resistance levels – $0.0750, $0.0765 and $0.0850.
