Dogecoin is climbing higher above the USD 0.065 resistance against the US dollar. DOGE could rise more than 20% if it manages to break the USD 0.070 resistance zone.
- DOGE started a decent rise above the resistance at $0.0625 against the US dollar.
- The price is trading below the USD 0.0650 level and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could start a strong rally like Bitcoin if the USD 0.070 resistance is cleared.
Dogecoin price starts to rise
After forming a base above the USD 0.0575 level, Dogecoin price started a new increase. DOGE has broken the USD 0.060 resistance zone and has moved into a positive zone.
The recent pump in Bitcoin and Ethereum also pushed DOGE higher. There was a steady rise above the USD 0.0650 resistance zone. A high is formed near USD 0.0693 and the price is now consolidating gains. It is also above the 23.6% Fib retracement level of the recent rise from the $0.0574 swing low to the $0.0693 high.
DOGE 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 $0.0685 level. There is also a major bullish trendline forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
The first major resistance is around the $0.0685 level. The main resistance is near USD 0.070. A close above the USD 0.070 resistance could send the price towards the USD 0.0735 resistance. The next major resistance is near USD 0.0750. Any further gains could send the price towards the USD 0.080 level.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.070 level, a downward correction could occur. The initial downside support is near the $0.0665 level.
The next major support is near the $0.0650 level. If there is a downside break below the USD 0.0650 support, the price could fall further. In the mentioned case, the price could drop towards the $0.0632 level or the 50% Fib retracement level from the recent rise from the $0.0574 swing low to the $0.0693 high.
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 – $0.0665, $0.0650 and $0.0632.
Major resistance levels – $0.0685, $0.0700 and $0.0750.
