Dogecoin Price Shows Signs of Fresh Rally
After finding support above the $0.070 level, Dogecoin’s price has started to climb higher. It broke through the $0.0725 resistance zone and entered a positive zone, following the footsteps of Bitcoin and Ethereum.
The bulls managed to push the price above the $0.0750 resistance, and there was a clear move above the 50% Fibonacci retracement level of the previous downward move. However, the price is currently facing resistance near the $0.0812 level.
DOGE is currently trading above the $0.0785 level and the 100 simple moving average on the 4-hour chart. A key bullish trend line is also forming with support near $0.0792.
On the upside, the price is encountering resistance near $0.0812 and $0.0835 levels. If it surpasses these levels, it could rally towards $0.088 and potentially even reach $0.0920.
Are Dips Supported in DOGE?
If Dogecoin’s price fails to gain momentum above the $0.0812 level, it could initiate a downside correction. The initial support lies near $0.0792 and the trend line.
The next significant support level is around $0.0770, and if it breaks below that, further decline towards $0.0710 could be expected.
Technical indicators suggest a positive outlook for DOGE/USD, with MACD gaining momentum in the bullish zone and RSI above the 50 level.
Disclaimer: This article is not financial advice. The information provided is based on speculative sources and should not be taken as guaranteed.
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