Dogecoin Price Prediction: Doge Could Surge If It Clears This Resistance

Dogecoin is rising above the $0.070 resistance against the US Dollar. DOGE could surge if there is a clear move above the $0.075 resistance zone.

  • DOGE gained pace and traded above the $0.070 support against the US dollar.
  • The price is trading below the $0.075 zone and the 100 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $0.074 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
  • The pair could start a major increase if there is a clear move above $0.0750.

Dogecoin Price Regains Traction

After a steady decline, dogecoin price found support near the $0.0625 zone. DOGE formed a base above the $0.0625 level and recently started a fresh increase, similar to bitcoin and ethereum.

There was a break above the $0.0650 and $0.0680 resistance levels. The bulls pumped the price above the $0.0700 resistance zone. Finally, it tested the $0.0750 resistance zone and the 100 simple moving average (4-hours). There is also a crucial bearish trend line forming with resistance near $0.074 on the 4-hours chart of the DOGE/USD pair.

DOGE price is trading below the $0.075 zone and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0740 level. It is near the 50% Fib retracement level of the main drop from the $0.0831 swing high to $0.0627 low.

The first major resistance is near the $0.0755 level. It is near the 61.8% Fib retracement level of the main drop from the $0.0831 swing high to $0.0627 low.

Dogecoin Price Prediction

Source: DOGEUSD on TradingView.com

A clear move above the $0.0755 resistance might send the price towards the $0.080 resistance. Any more gains might send the price towards the $0.088 level. A clear move above the $0.088 resistance could open the gates for an increase towards the $0.092 level.

Dips Supported in DOGE?

If DOGE price fails to gain pace above the $0.075 level, it could start a downside correction. An initial support on the downside is near the $0.070 level.

The next major support is near the $0.0675 level. If there is a downside break below the $0.0675 support, the price could decline further. In the stated case, the price might decline towards the $0.0625 level.

Technical Indicators

4-Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 30 level.

Major Support Levels – $0.070, $0.0675 and $0.0625.

Major Resistance Levels – $0.0740, $0.0750 and $0.080.

newsby.top • 2023