Dogecoin (DOGE) Jumps 10%+: Is More Upside Ahead?
06 Novembro 2024 - 2:08AM
NEWSBTC
Dogecoin started a fresh surge above the $0.180 resistance against
the US Dollar. DOGE could continue to rise if it clears the $0.2200
resistance. DOGE price started a fresh rally like Bitcoin and
climbed above the $0.180 resistance level. The price is trading
above the $0.1800 level and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at
$0.1620 on the hourly chart of the DOGE/USD pair (data source from
Kraken). The price could continue to rally if it clears the $0.2150
and $0.2200 resistance levels. Dogecoin Price Eyes More Gains
Dogecoin price started a fresh surge after it reclaimed the $0.1650
resistance like Bitcoin and Ethereum. DOGE was able to gain pace
for a move above the $0.1800 and $0.1850 resistance levels. There
was a break above a key bearish trend line with resistance at
$0.1620 on the hourly chart of the DOGE/USD pair. The pair even
surged above $0.2000. A high is formed at $0.2200 and the price is
now consolidating above the 23.6% Fib retracement level of the
upward move from the $0.1654 swing low to the $0.2200 high.
Dogecoin price is now trading above the $0.200 level and the
100-hourly simple moving average. Immediate resistance on the
upside is near the $0.2150 level. The next major resistance is near
the $0.220 level. A close above the $0.220 resistance might send
the price toward the $0.2320 resistance. Any more gains might send
the price toward the $0.2420 level. The next major stop for the
bulls might be $0.250. Are Dips Supported In DOGE? If DOGE’s price
fails to climb above the $0.2150 level, it could start another
decline. Initial support on the downside is near the $0.2080 level.
The next major support is near the $0.1920 level or the 50% Fib
retracement level of the upward move from the $0.1654 swing low to
the $0.2200 high. The main support sits at $0.1780. If there is a
downside break below the $0.1780 support, the price could decline
further. In the stated case, the price might decline toward the
$0.1650 level or even $0.1620 in the near term. Technical
Indicators Hourly MACD – The MACD for DOGE/USD is now gaining
momentum in the bearish zone. Hourly RSI (Relative Strength Index)
– The RSI for DOGE/USD is now above the 50 level. Major Support
Levels – $0.2080 and $0.1920. Major Resistance Levels – $0.2150 and
$0.2200.
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