Dogecoin is gaining bullish momentum above the $0.075 resistance against the US Dollar. DOGE could extend its rally towards the $0.085 resistance zone.
DOGE is currently trading in a bullish zone above the $0.072 resistance against the US Dollar. The price is trading well above the $0.075 zone and the 100 simple moving average (4-hours). A major uptrend line is forming with support near $0.0725 on the 4-hours chart of the DOGE/USD pair (data feed from Kraken). The price is up almost 10% and could extend its rise above $0.080.
Dogecoin price gains strength
In the latest Dogecoin price prediction, we discussed how DOGE could rise by 10%. The price formed a base above the $0.0680 level and started a new rally.
The price broke above the resistance levels of $0.072 and $0.0725, outperforming Bitcoin and Ethereum. It is up more than 10% and is trading near the $0.0780 resistance. A high is formed near $0.0780 and the price is now consolidating gains.
DOGE is trading well above the $0.0725 area and the 100 SMA (4-hours). There is also a major uptrend line forming with support near $0.0725 on the 4-hours chart of the DOGE/USD pair. The pair is now trading above the 23.6% Fibonacci retracement level of the recent rally from the $0.0695 low to $0.0780 high.
Source: DOGEUSD on TradingView.com
On the upside, the price is facing resistance near the $0.0780 level. The first major resistance is near the $0.080 level. A close above the $0.080 resistance could send the price looking towards the $0.0820 resistance. The next big resistance is near $0.0832. More gains could send the price looking towards the $0.085 level.
Are the dives limited in DOGE?
If DOGE price does not gain pace above the $0.0780 level, a correction to the downside could begin. Initial support on the downside is near the $0.0760 level.
The next big support is near the $0.0725 level and the trend line. If there is a break below the $0.0725 support, the price could decline further. In the indicated case, the price could fall towards the $0.070 level.
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.
Main support levels: $0.0765, $0.0725 and $0.070.
Main resistance levels: $0.0780, $0.080 and $0.085.
This post Dogecoin (DOGE) price jumps 10%
was published first on https://www.newsbtc.com/analysis/dogecoin-price-doge-jumps-0-078/