Dogecoin Price on the Rise
After finding support above $0.0575, Dogecoin has seen a fresh increase in price. It broke through the $0.060 resistance zone, entering a positive zone.
The recent surge in Bitcoin and Ethereum prices has also contributed to DOGE’s upward movement. It has steadily climbed above the $0.0650 resistance zone, reaching a high of around $0.0693 before consolidating its gains.
DOGE is currently trading above $0.065 and the 100 simple moving average (4 hours). However, it faces resistance near the $0.0685 level. On the 4-hour chart, there is a key bullish trend line with support around $0.0650 for the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
Potential Dips in DOGE Supported?
If DOGE fails to gain momentum above $0.070, a downside correction could occur. The initial support on the downside is around $0.0665, followed by a major support level at $0.0650.
A break below the $0.0650 support could lead to further decline, potentially reaching the $0.0632 level or the 50% Fib retracement level of the recent increase from the swing low of $0.0574 to the high of $0.0693.
Technical Indicators
The MACD for DOGE/USD on the 4-hour chart is showing bullish momentum, while the RSI is above the 50 level.
Hot Take: Dogecoin’s Price Surge
Dogecoin has experienced a significant increase in price, propelled by the upward movement in Bitcoin and Ethereum. With DOGE trading above key support levels and facing resistance near $0.0685, it has the potential for further gains if it surpasses the $0.070 resistance. However, if DOGE fails to gain momentum and dips below $0.0650, a downward correction may be expected. Traders should closely monitor DOGE’s performance in relation to these key levels to make informed investment decisions.
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