Dogecoin is gaining pace above the $0.085 resistance against the US Dollar. DOGE could rise further if there is a close above the $0.092 resistance.

DOGE gained pace and traded above the $0.085 resistance against the US dollar.
The price is trading above the $0.0850 zone and the 100 simple moving average (4-hours).
There is a major bullish trend line forming with support near $0.0830 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
The pair could rise further if there is a clear close above the $0.092 resistance.

Dogecoin Price Eyes Upside Break

After forming a base above the $0.065 zone, dogecoin price started a steady increase. DOGE remained well bid and gained pace above the $0.075 resistance.

There was a clear move above the $0.080 resistance zone to start a decent rally. The price surpassed a few hurdles near the $0.085 level and settled above the 100 simple moving average (4-hours), similar to bitcoin and ethereum. A new yearly high was formed near $0.0934 and the price is now consolidating gains.

It is trading near the 23.6% Fib retracement level of the upward move from the $0.0768 swing low to $0.0934 high. Doge price is now trading above the $0.0850 zone and the 100 simple moving average (4-hours).

There is also a major bullish trend line forming with support near $0.0830 on the 4-hours chart of the DOGE/USD pair. On the upside, the price is facing resistance near the $0.0915 level. The first major resistance is near the $0.0920 level.

Source: DOGEUSD on TradingView.com

A clear move above the $0.092 resistance might send the price towards the $0.098 resistance. Any more gains might send the price towards the $0.100 level. A clear move above the $0.100 resistance could open the gates for a rally towards the $0.112 level.

Dips Supported in DOGE?

If DOGE price fails to gain pace above the $0.092 level, it could start a downside correction. An initial support on the downside is near the $0.0880 level.

The next major support is near the $0.085 level or the 50% Fib retracement level of the upward move from the $0.0768 swing low to $0.0934 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 towards the $0.082 level and the trend line.

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 – $0.088, $0.0850 and $0.0820.

Major Resistance Levels – $0.0915, $0.0920 and $0.098.

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Filed under: Bitcoin - @ January 23, 2023 6:07 am