Dogecoin is up over 100% towards the US Dollar. DOGE rallied towards the $0.20 resistance and may proceed to rise towards the $0.225 resistance.
- DOGE prolonged its rally above the $0.150 resistance towards the US greenback.
- The worth is buying and selling above the $0.180 stage and the 100 easy shifting common (4 hours).
- There is a connecting bullish pattern line forming with assist at $0.1620 on the 4-hour chart of the DOGE/USD pair (information supply from Kraken).
- The worth may lengthen its rally above the $0.200 and $0.2120 resistance ranges.
Dogecoin Price Surges Over 100%
In the previous few periods, Dogecoin worth began a strong increase above the $0.10 resistance. DOGE cleared many hurdles close to $0.1250 to enter a optimistic zone.
It even broke the $0.150 resistance and outperformed Bitcoin and Ethereum. It is up over 100% in a couple of periods and traded near the $0.20 resistance. A brand new multi-week excessive was shaped close to $0.992 and the worth is now correcting features.
The worth is properly above the 23.6% Fib retracement stage of the current rally from the $0.1250 swing low to the $0.1992 excessive. DOGE can also be buying and selling above the $0.180 stage and the 100 easy shifting common (4 hours).
There can also be a connecting bullish pattern line forming with assist at $0.1620 on the 4-hour chart of the DOGE/USD pair. The pattern line is close to the 50% Fib retracement stage of the current rally from the $0.1250 swing low to the $0.1992 excessive.
Source: DOGEUSD on TradingView.com
On the upside, the worth is dealing with resistance close to the $0.1980 stage. The subsequent main resistance is close to the $0.20 stage. A detailed above the $0.20 resistance may ship the worth towards the $0.2250 resistance. The subsequent main resistance is close to $0.2320. Any extra features may ship the worth towards the $0.250 stage.
Downside Correction in DOGE?
If DOGE’s worth fails to realize tempo above the $0.20 stage, it may begin a draw back correction. Initial assist on the draw back is close to the $0.182 stage.
The subsequent main assist is close to the $0.1620 stage or the pattern line. If there’s a draw back break beneath the $0.1620 assist, the worth may decline additional. In the said case, the worth may decline towards the $0.1350 stage.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum within the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now within the overbought zone.
Major Support Levels – $0.1820, $0.1620 and $0.1350.
Major Resistance Levels – $0.1980, $0.20, and $0.2250.
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