Dogecoin is showing positive signs above the $0.0750 resistance against the US Dollar. DOGE could rally over 10% if it clears the $0.0812 resistance zone.

DOGE started a decent increase above the $0.0750 resistance against the US dollar.
The price is trading above the $0.0785 level and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.0792 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could start a strong rally like Solana if it clears the $0.0812 resistance.

Dogecoin Price Eyes Fresh Rally

After forming a base above the $0.070 level, Dogecoin price started a fresh increase. DOGE broke the $0.0725 resistance zone to move into a positive zone, like Bitcoin and Ethereum.

The bulls were able to push the price further above the $0.0750 resistance. There was a clear move above the 50% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low. However, the price seems to be struggling near the $0.0812 resistance.

DOGE is now trading above the $0.0785 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.0792 on the 4-hour chart of the DOGE/USD pair.

On the upside, the price is facing resistance near the $0.0812 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low. The next major resistance is near the $0.0835 level.

Source: DOGEUSD on TradingView.com

A close above the $0.0835 resistance might send the price toward the $0.088 resistance. The next major resistance is near $0.0920. Any more gains might send the price toward the $0.095 level.

Are Dips Supported in DOGE?

If DOGE’s price fails to gain pace above the $0.0812 level, it could start a downside correction. Initial support on the downside is near the $0.0792 level and the trend line.

The next major support is near the $0.0770 level. If there is a downside break below the $0.0770 support, the price could decline further. In the stated case, the price might decline toward the $0.0710 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 – $0.0792, $0.0770, and $0.0710.

Major Resistance Levels – $0.0812, $0.0835, and $0.0880.

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Filed under: Bitcoin - @ November 29, 2023 4:58 am