Dogecoin (DOGE) Gears Up for Next Leg Higher — Will Resistance Break?

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Dogecoin started a fresh increase from the $0.220 zone against the US Dollar. DOGE is now gaining pace and might rise toward the $0.2650 zone.

  • DOGE price started a fresh increase above the $0.220 and $0.2320 levels.

  • The price is trading above the $0.2350 level and the 100-hourly simple moving average.

  • There is a connecting bullish trend line forming with support at $0.2350 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could start a fresh increase if it clears the $0.2450 resistance zone.

Dogecoin Price Aims Higher

Dogecoin price started a fresh increase after it found support near $0.2170, like Bitcoin and Ethereum. DOGE climbed and recovered above the $0.2250 resistance zone.

The bulls even pushed the price above the 50% Fib retracement level of the downward move from the $0.2531 swing high to the $0.2173 low. Besides, there is a connecting bullish trend line forming with support at $0.2350 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.2350 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.240 level.

Dogecoin Price

The first major resistance for the bulls could be near the $0.2440 level and the 76.4% Fib retracement level of the downward move from the $0.2531 swing high to the $0.2173 low. The next major resistance is near the $0.2530 level. A close above the $0.2530 resistance might send the price toward the $0.2650 resistance. Any more gains might send the price toward the $0.2720 level. The next major stop for the bulls might be $0.2850.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.2440 level, it could start another decline. Initial support on the downside is near the $0.2350 level. The next major support is near the $0.2250 level.

The main support sits at $0.2150. If there is a downside break below the $0.2150 support, the price could decline further. In the stated case, the price might decline toward the $0.20 level or even $0.1880 in the near term.

Technical Indicators

  • Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

  • Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

  • Major Support Levels – $0.2350 and $0.2250.

  • Major Resistance Levels – $0.2440 and $0.2530.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Analyst Tells Investors To Be Patient As Solana Price Hits ResistanceIn a TradingView post, crypto analyst SiDec explained the current situation surrounding the Solana price, warning investors to not be in a hurry to enter into the coin.
Author  NewsBTC
41 mins ago
In a TradingView post, crypto analyst SiDec explained the current situation surrounding the Solana price, warning investors to not be in a hurry to enter into the coin.
placeholder
Crypto optimism continues as markets believe worst of trade crisis is over The cryptocurrency market capitalization holds above $3.45 trillion while the top three cryptos (Bitcoin (BTC), Ethereum (ETH) and XRP are in the green on Wednesday.
Author  FXStreet
1 hour ago
The cryptocurrency market capitalization holds above $3.45 trillion while the top three cryptos (Bitcoin (BTC), Ethereum (ETH) and XRP are in the green on Wednesday.
placeholder
TRUMP meme coin loses steam as China-linked GD Culture Group invests $300M in Bitcoin and TRUMPThe Official Trump (TRUMP) meme coin continues to struggle with declining trader confidence, which has seen successive drawdowns from the weekend to $13.46 at the time of writing on Wednesday.
Author  FXStreet
3 hours ago
The Official Trump (TRUMP) meme coin continues to struggle with declining trader confidence, which has seen successive drawdowns from the weekend to $13.46 at the time of writing on Wednesday.
placeholder
Avalanche Price Forecast: AVAX eyes $30 as bullish momentum builds across key metricsAvalanche (AVAX) price shows signs of renewed bullish strength as it approaches a key resistance level at around $26.07 at the time of writing on Wednesday. Supported by positive on-chain metrics and a favorable technical outlook, the altcoin appears poised for further upside.
Author  FXStreet
3 hours ago
Avalanche (AVAX) price shows signs of renewed bullish strength as it approaches a key resistance level at around $26.07 at the time of writing on Wednesday. Supported by positive on-chain metrics and a favorable technical outlook, the altcoin appears poised for further upside.
placeholder
XRP Sees Renewed Trader Activity as Market Absorbs Selling PressureXRP has aligned itself with the broader cryptocurrency market’s upward trend, registering significant gains over the past week.
Author  NewsBTC
3 hours ago
XRP has aligned itself with the broader cryptocurrency market’s upward trend, registering significant gains over the past week.
Real-time Quote