Dogecoin started a new surge above the $0.220 resistance against the US Dollar. DOGE is up over 50% and shows signs of further upside.
- DOGE price started a new rally like Bitcoin and rose above the resistance level of $0.220.
- The price is trading above the $0.2800 level and the 100-hour simple moving average.
- There is an important trend line forming at the $0.280 support on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can continue to rally if it clears the resistance levels of $0.3050 and $0.3120.
Dogecoin Price Eyes Many Benefits
Dogecoin price started a new rally after it regained the $0,200 resistance like Bitcoin and Ethereum. DOGE managed to gain momentum to move above the resistance levels of $0.2200 and $0.250.
The pair even rose above $0.3000. A high was formed at $0.3036 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.2013 low to $0.3036 high. There is also an important bullish trendline forming with support at $0.280 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.2880 level and the 100-hour simple moving average. The immediate resistance on the upside is near the $0.300 level. The next major resistance is near the $0.3050 level.
A close above the $0.3050 resistance could send the price to the $0.3120 resistance. Any further gains could send the price to the $0.34500 level. The next big stop for the bulls would be $0.350.
Are Dips Limited in DOGE?
If the DOGE price fails to rise above the $0.3050 level, it may start a downward correction. The first support on the downside is near the $0.280 level and the trend line. The next major support is near the $0.2680 level.
Key support sits at $0.2550 or the 50% Fib retracement level of the upside from the swing low of $0.2013 to the high of $0.3036. If there is a break below the support of $0.2550, the price may fall further. In the mentioned scenario, the price may drop to the level of $0.2420 or $0.2350 in the near term.
Technical References
Hourly MACD – The DOGE/USD MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.280 and $0.2680.
Major Resistance Levels – $0.3000 and $0.3050.
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