Dogecoin is gaining bullish momentum above the $0.062 resistance against the US Dollar. DOGE could rally if it clears the 100 SMA (H4).
- DOGE is currently showing positive signs above the $0.0620 resistance against the US Dollar.
- The price is trading below the $0.064 zone and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near $0.0620 on the DOGE/USD pair’s 4-hour chart (data source from Kraken).
- The pair could start another rally if it clears the $0.064 resistance zone.
Dogecoin price may rise 5%
After forming a base above the $0.0550 level, Dogecoin price started a decent increase. DOGE was able to clear the $0.0580 and $0.060 resistance levels.
In the past two sessions, there were bullish moves in Bitcoin and Ethereum, leading to a decent rise in DOGE. The price climbed above the 50% Fib retracement level from the main drop from the $0.0715 swing high to the $0.0554 low.
In addition, there was a break above a key bearish trendline with resistance near $0.0620 on the DOGE/USD pair’s 4-hour chart. The pair is now trading below the $0.064 zone and the 100 simple moving average (4 hours).
On the upside, the price is facing resistance near the 100 simple moving average (4 hours). The first major resistance is near the $0.0655 level and the 61.8% Fib retracement level of the main drop from the $0.0715 swing high to the $0.0554 low.
Source: DOGEUSD at TradingView.com
A close above the $0.0655 resistance could push the price towards the $0.0685 resistance. The next major resistance is near $0.070. More gains could push the price towards the $0.072 level.
New decline in DOGE?
If the price of DOGE fails to rise above the $0.0640 level, it could start a fresh decline. The first support on the downside is near the $0.0625 level.
The next major support is near the $0.060 level. If there is a downside break below the $0.0600 support, the price could move further. In the said case, the price might fall towards the $0.0550 level.
Technical indicators
4am 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.
Main Support Levels – $0.0625, $0.0600 and $0.0550.
Key resistance levels – $0.0640, $0.0655 and $0.0685.
