Dogecoin Price (DOGE) Holds Strong – Why Bulls Could Aim Rally To $0.078
30 Agosto 2023 - 1:02AM
NEWSBTC
Dogecoin is showing positive signs above the $0.0642 level against
the US Dollar. DOGE could continue to rise if it stays above the
$0.0606 support. DOGE started a decent increase above the $0.0642
resistance against the US dollar. The price is trading above the
$0.065 level and the 100 simple moving average (4 hours). There was
a break above a key bearish trend line with resistance near $0.0630
on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could correct lower, but dips might be attractive near
the $0.062 zone. Dogecoin Price Starts Recovery After a major
decline, Dogecoin price found support near the $0.055 zone. DOGE
traded as low as $0.0557 and started a fresh increase. There was a
decent move above $0.0600 and the price settled above $0.0606.
Recently, there was a strong increase in Dogecoin like Bitcoin and
Ethereum, and it was able to clear the $0.0620 resistance. The
price climbed above the 50% Fib retracement level of the main
decline from the $0.0772 swing high to the $0.0557 low. Besides,
there was a break above a key bearish trend line with resistance
near $0.0630 on the 4-hour chart of the DOGE/USD pair. It is now
trading above the $0.065 level and the 100 simple moving average (4
hours). On the upside, the price is facing resistance near the
$0.0665 level. The first major resistance is near the $0.0690 level
or the 61.8% Fib retracement level of the main decline from the
$0.0772 swing high to the $0.0557 low. Source: DOGEUSD on
TradingView.com A close above the $0.0690 resistance might send the
price toward the $0.0725 resistance. The next major resistance is
near $0.0780. Any more gains might send the price toward the $0.080
level. Are Dips Supported in DOGE? If DOGE fails to gain pace above
the $0.0690 level, it could start a downside correction. Initial
support on the downside is near the $0.0642 level. The next major
support is near the $0.0606 level. If there is a downside break
below the $0.0606 support, the price could decline further. In the
stated case, the price might decline toward the $0.055 level.
Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now
gaining 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 – $0.0642, $0.0625, and $0.0606. Major
Resistance Levels – $0.0665, $0.0690, and $0.075.
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