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- DOGE continues to remain strong above the $0.080 support level against the US dollar.
- The price is trading above the $0.085 region and the 100 simple moving average (4-hours).
- The 4-hour chart of the DOGE/USD pair shows a major bullish trend line forming near the $0.0840 support.
Will the rise in Dogecoin (DOGE) price continue? DOGE price may be targeting $0.10!
Dogecoin (DOGE) Price Analysis
After a major rally, Dogecoin’s price experienced a correction below $0.090. DOGE tested the $0.080 support region where bulls showed a strong stance.
A low was formed around $0.0803 and the price started a new increase. Recently, Ethereum and Bitcoin have experienced strong bullish movements, both of which pulled DOGE up from the $0.082 region. A movement above the 23.6% Fibonacci retracement level of the main decline from the $0.1050 high to $0.0803 low was seen.
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Currently, Dogecoin’s price is trading above the $0.085 region and the 100 simple moving average (4-hours). The DOGE/USD pair also has a major bullish trend line forming near the $0.0840 support.
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4-hour price chart of DOGE/USD
On the upside, the price is facing a resistance near $0.0928. This level is close to the 50% Fibonacci retracement level of the main decline from the $0.1050 high to $0.0803 low. A close above the $0.0928 resistance could send the price towards the $0.098 resistance. The next major resistance is around $0.10. Further gains could send the price towards the $0.1125 level.
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Is a Decline Possible in DOGE Price?
If DOGE’s price fails to gain momentum above the $0.0928 level, a new decline may begin. The first support level is around $0.086.
The next important support level is near $0.084 and the trend line. If a drop below the $0.084 support occurs, the price may fall further. In this case, the price could drop to $0.080.
Technical Indicators:
- 4-Hour MACD – MACD for DOGE/USD is currently gaining momentum in the bullish zone.
- 4-Hour RSI (Relative Strength Index) – RSI for DOGE/USD is currently above the 50 level.
- Important Support Levels – $0.086, $0.084, and $0.080.
- Important Resistance Levels – $0.0928, $0.0980, and $0.10.
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