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Dogecoin started a nice rise taking the $0.0685 support against the US Dollar. DOGE could rally if it clears the $0.074 resistance area.
- DOGE is currently struggling to clear the $0.074 resistance against the US Dollar.
- The price is trading below the $0.0725 area and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.0722 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair could start a fresh rally if it clears the $0.0740 resistance area.
Dogecoin Price Targets Higher
After a sharp decline, dogecoin price found support near the $0.0685 area. DOGE formed a base and recently started a decent rise above $0.070, similar to bitcoin and Ethereum.
There was a clear move above the $0.0720 resistance area. The bulls pushed the price above the 50% Fibonacci retracement level of the decline from the $0.0755 high to $0.0684 low. Besides, there was a break above a key bearish trend line with resistance near $0.0722 on the 4-hours chart of the DOGE/USD pair.
However, the bears were active near the $0.074 resistance. Dogecoin faced rejection near the 76.4% Fib retracement level of the downside move from the $0.0755 swing high to $0.0684 low.
Doge is now trading well below the $0.0725 zone and the 100 simple moving average (4-hours). It holds the key $0.0718 support area. On the upside, the price is facing resistance near $0.0722. The first major resistance is near the $0.0740 level.
Source: DOGEUSD on TradingView.com
A close above the $0.074 resistance could send the price towards the $0.0775 resistance. The next major resistance is near the $0.0800 level. Any further gains could send the price towards the $0.0825 level.
Downside Break in DOGE?
If DOGE price fails to gain momentum above the $0.074 level, it could continue to decline. An initial support on the downside is near the $0.0718 level.
The next major support is near the $0.0700 level. If there is a downside break below the $0.070 support, the price is likely to decline further. In the mentioned case, the price could decline towards the $0.0685 level.
technical indicators
4 hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now well below the 50 level.
Key Support Levels – $0.0718, $0.070, and $0.0685.
Key Resistance Levels – $0.0722, $0.0740 and $0.0775.
