Dogecoin is finding bids above the $0.0750 zone against the US Dollar. DOGE could gain bullish momentum if it clears the $0.0820 resistance zone.
- DOGE is showing positive signs above the $0.080 zone against the US dollar.
- The price is trading above the $0.0795 level and the 100 simple moving average (4 hours).
- There is a key rising channel forming with support at $0.0795 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price could start a recovery wave if it clears $0.0820 and $0.0850.
Dogecoin Price Eyes Fresh Surge
In the past few sessions, Dogecoin price remained well-bid above the $0.0750 zone. DOGE formed a base and recently started a recovery wave above $0.0780, like Bitcoin and Ethereum.
There was a decent move above the 23.6% Fib retracement level of the downward move from the $0.0924 swing high to the $0.0760 low. DOGE is now trading above the $0.080 level and the 100 simple moving average (4 hours). There is also a key rising channel forming with support at $0.0795 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0820 level. The next major resistance is near the $0.0842 level. It is close to the 50% Fib retracement level of the downward move from the $0.0924 swing high to the $0.0760 low.
Source: DOGEUSD on TradingView.com
A close above the $0.0845 resistance might send the price toward the $0.090 resistance. The next major resistance is near $0.095. Any more gains might send the price toward the $0.105 level.
Another Decline in DOGE?
If DOGE's price fails to gain pace above the $0.0845 level, it could start a fresh decline. Initial support on the downside is near the $0.0780 level.
The next major support is near the $0.0765 level. If there is a downside break below the $0.0765 support, the price could decline further. In the stated case, the price might decline toward the $0.0720 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 – $0.078, $0.0765, and $0.0750.
Major Resistance Levels – $0.0820, $0.0845, and $0.0920.
Disclaimer: The article is provided 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.
Source: NewsBTC.com
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