Dogecoin soared to over 100 percent and crossed $0.12 with the US Dollar. DOGE has been correcting its gains but may see dips below $0.10
- DOGE continued its rally, clearing the $0.1200 and $0.1000 resistance levels in relation to the US dollar.
- It is trading in excess of the $0.1000 and 100-day simple moving mean.
- The DOGE/USD daily chart showed a breakout above the major bearish trendline with resistance at $0.070 (data source: Kraken).
- Although the pair has corrected gains, the bulls could remain active in the $0.10 area.
Dogecoin Raises To A New Multi-Week Record
Dogecoin experienced a bullish surge from its $0.055 support area this week. DOGE surged well above $0.070 resistance to outperform bitcoin and ethereum.
On the daily chart for the DOGE/USD pair, there was a break above a significant bearish trend line. Resistance near $0.070 was seen. Over 100% of the pair rose and it broke several hurdles close to $0.10 It traded up to $0.1513, and even reached $0.12 above the $0.12 mark.
It began a downward correction recently below $0.135 levels. Below the 23.6% Fib Retracement level during the recent surge, from $0.0551 low to $0.1513 high, the price was trading.
The price traded well above the $0.1000 area and the 100 day simple moving average. A support area is located near the $0.1100 mark. Near the $0.1000 support level is the first important support. The 50% Fib Retracement Level of the Recent Spike from $0.0551 Low to $0.1513 High is very close.
A downside breakout below the $0.1000 level could cause the price to fall further. Main support can be found near $0.0920 or $0.0900. A move to the $0.0800 level could be possible with any additional losses.
Do you want to see more benefits from DOGE?
There are more chances for gains if DOGE prices remain stable above $0.1000. Initial resistance to the upside lies near $0.1250.
Near the $0.1320 mark is the first significant resistance. Bulls could see further gains beyond the $0.1320 area as a reason to test the crucial $0.15 level.
Technical Indicators
4-Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now in the overbought zone.
Major Support Levels – $0.1100, $0.1100 and $0.0920.
Major Resistance Levels – $0.1250, $0.1320 and $0.1500.