Dogecoin Price Prediction: Doge Rally Faded But Not Likely Over
06 Abril 2023 - 3:53AM
NEWSBTC
Dogecoin rallied over 25% and cleared the $0.090 resistance against
the US Dollar. DOGE is correcting gains and might find fresh bids
near the $0.088 support. DOGE gained pace and traded above the
$0.090 resistance against the US dollar. The price is trading well
above the $0.085 zone and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near
$0.094 on the 4-hours chart of the DOGE/USD pair (data source from
Kraken). The pair could start a fresh increase if there is a clear
move above $0.0940. Dogecoin Price Trims Gains After Twitter’s logo
change, Dogecoin’s price saw a strong upward move from the $0.0750
support. DOGE outperformed Bitcoin and Ethereum. It rallied over
25% and cleared many hurdles near $0.0850. The bulls were able to
pump the price above the $0.090 resistance. Finally, the price
spiked above $0.10 and traded to a new monthly high at $0.1051.
Recently, there was a downside correction below the $0.1000 level.
DOGE’s price declined below the $0.095 level. The price tested the
50% Fib retracement level of the recent rally from the $0.0765
swing low to the $0.1051 high. It is now consolidating gains well
above the $0.085 zone and the 100 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.0940
level. There is also a key bearish trend line forming with
resistance near $0.094 on the 4-hours chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com The first major resistance is
near the $0.095 level. A clear move above the $0.095 resistance
might send the price toward the $0.100 resistance. Any more gains
might send the price toward the $0.105 level. A clear move above
the $0.105 resistance could open the gates for an increase toward
the $0.12 level. Dips Supported in DOGE? If DOGE’s price fails to
gain pace above the $0.095 level, it could continue to move down.
Initial support on the downside is near the $0.0905 level. The next
major support is near the $0.085 level or the 76.4% Fib retracement
level of the recent rally from the $0.0765 swing low to the $0.1051
high. If there is a downside break below the $0.085 support, the
price could decline further. In the stated case, the price might
decline toward the $0.075 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 50 level. Major Support Levels – $0.090, $0.085, and
$0.075. Major Resistance Levels – $0.0940, $0.0950, and $0.100.
Dogecoin (COIN:DOGEUSD)
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