Crypto
Dogecoin started a fresh surge above the $0.320 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.4180.
- DOGE price started a fresh rally like Bitcoin and climbed above the $0.350 resistance level.
- The price is trading above the $0.3650 level and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $0.3870 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4150 resistance levels.
Crypto Dogecoin Price Eyes Fresh Surge
Dogecoin price started a fresh surge after it cleared the $0.320 resistance like Bitcoin and Ethereum. DOGE was able to gain pace for a move above the $0.3800 and $0.400 resistance levels.
The pair even surged above $0.4200. A high was formed at $0.4342 and the price is now correcting gains. There was a move below the $0.40 level. The price dipped below the 50% Fib retracement level of the upward move from the $0.3519 swing low to the $0.4342 high.
However, the bulls are active near the $0.3850 zone. Dogecoin price is now trading above the $0.3650 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.3870 on the hourly chart of the DOGE/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.3519 swing low to the $0.4342 high.
Immediate resistance on the upside is near the $0.400 level. The next major resistance is near the $0.4150 level. A close above the $0.4150 resistance might send the price toward the $0.4320 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.4650.
Crypto Are Dips Supported In DOGE?
If DOGE’s price fails to climb above the $0.4150 level, it could start a downside correction. Initial support on the downside is near the $0.3870 level and the trend line. The next major support is near the $0.3715 level.
The main support sits at $0.3420. If there is a downside break below the $0.3420 support, the price could decline further. In the stated case, the price might decline toward the $0.3150 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3870 and $0.3715.
Major Resistance Levels – $0.4000 and $0.4150.
Crypto
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
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