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Dogecoin is up over 100% against the US Dollar. DOGE rallied toward the $0.20 resistance and might continue to rise toward the $0.225 resistance.
DOGE extended its rally above the $0.150 resistance against the US dollar.
The price is trading above the $0.180 level and the 100 simple moving average (4 hours).
There is a connecting bullish trend line forming with support at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could extend its rally above the $0.200 and $0.2120 resistance levels.
Dogecoin Price Surges Over 100%
In the past few sessions, Dogecoin price started a strong increase above the $0.10 resistance. DOGE cleared many hurdles near $0.1250 to enter a positive zone.
It even broke the $0.150 resistance and outperformed Bitcoin and Ethereum. It is up over 100% in a few sessions and traded close to the $0.20 resistance. A new multi-week high was formed near $0.992 and the price is now correcting gains.
The price is well above the 23.6% Fib retracement level of the recent rally from the $0.1250 swing low to the $0.1992 high. DOGE is also trading above the $0.180 level and the 100 simple moving average (4 hours).
There is also a connecting bullish trend line forming with support at $0.1620 on the 4-hour chart of the DOGE/USD pair. The trend line is near the 50% Fib retracement level of the recent rally from the $0.1250 swing low to the $0.1992 high.
Source: DOGEUSD on TradingView.com
On the upside, the price is facing resistance near the $0.1980 level. The next major resistance is near the $0.20 level. A close above the $0.20 resistance might send the price toward the $0.2250 resistance. The next major resistance is near $0.2320. Any more gains might send the price toward the $0.250 level.
Downside Correction in DOGE?
If DOGE’s price fails to gain pace above the $0.20 level, it could start a downside correction. Initial support on the downside is near the $0.182 level.
The next major support is near the $0.1620 level or the trend line. If there is a downside break below the $0.1620 support, the price could decline further. In the stated case, the price might decline toward the $0.1350 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 – $0.1820, $0.1620 and $0.1350.
Major Resistance Levels – $0.1980, $0.20, and $0.2250.
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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