Dogecoin Price Soars 25%, Why DOGE Bulls Are Not Done Yet – Crypto News – Crypto News
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Dogecoin Price Soars 25%, Why DOGE Bulls Are Not Done Yet – Crypto News

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1 year ago

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Dogecoin is up over 25% against the US Dollar. DOGE cleared the $0.120 resistance and might continue to rise toward the $0.132 resistance.

  • DOGE started a strong increase after it broke the $0.0850 resistance against the US dollar.
  • The price is trading above the $0.120 level and the 100 simple moving average (4 hours).
  • There was a break above a key contracting triangle with resistance at $0.0845 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The price could extend its rally above the $0.1280 and $0.130 resistance levels.

Dogecoin Price Pumps Above $0.12

In the past few sessions, Dogecoin price started a strong increase from the $0.080 support zone. DOGE cleared many hurdles near $0.0850 to enter a positive zone.

There was a break above a key contracting triangle with resistance at $0.0845 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.100 resistance to move further into a positive zone like Bitcoin and Ethereum.

It is up over 25% and trading above $0.120. A new multi-week high was formed near $0.1282 and the price is now correcting gains. The price is well above the 23.6% Fib retracement level of the recent surge from the $0.0845 swing low to the $0.1282 high.

Source: DOGEUSD on TradingView.com

DOGE is also trading above the $0.1220 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1280 level. The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance might send the price toward the $0.1450 resistance. The next major resistance is near $0.150. Any more gains might send the price toward the $0.1620 level.

Downside Correction in DOGE?

If DOGE’s price fails to gain pace above the $0.1280 level, it could start a downside correction. Initial support on the downside is near the $0.120 level.

The next major support is near the $0.1065 level or the 50% Fib retracement level of the recent surge from the $0.0845 swing low to the $0.1282 high. If there is a downside break below the $0.1065 support, the price could decline further. In the stated case, the price might decline toward the $0.100 level.

Technical Indicators

4 Hours 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 in the overbought zone.

Major Support Levels – $0.120, $0.1065 and $0.10.

Major Resistance Levels – $0.1280, $0.1320, and $0.150.

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.

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