Dogecoin found support near $0.080 against the US Dollar. DOGE is rising and might rally toward the $0.10 resistance zone.
- DOGE remained strong above the $0.080 support against the US dollar.
- The price is trading above the $0.085 zone and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.0840 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair could rise further toward the $0.10 resistance if Ethereum and Bitcoin extend gains.
Dogecoin Price Holds Ground
After a major rally, Dogecoin’s price started a downside correction below $0.090. DOGE tested the $0.080 support zone where the bulls took a strong stand.
A low was formed near $0.0803 and the price started a fresh increase. Recently, there were strong bullish moves in Ethereum and Bitcoin. They both dragged DOGE higher from the $0.082 zone. There was a move above the 23.6% Fib retracement level of the key drop from the $0.1050 swing high to the $0.0803 low.
Dogecoin price is now trading above the $0.085 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.0840 on the 4-hours chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
On the upside, the price is facing resistance near the $0.0928 level. It is close to the 50% Fib retracement level of the key drop from the $0.1050 swing high to the $0.0803 low. A close above the $0.0928 resistance might send the price toward the $0.098 resistance. The next major resistance is near $0.100. Any more gains might send the price toward the $0.1125 level.
Fresh Decline in DOGE?
If DOGE’s price fails to gain pace above the $0.0928 level, it could start a fresh decline. Initial support on the downside is near the $0.086 level.
The next major support is near the $0.084 level and the trend line. If there is a downside break below the $0.084 support, the price could decline further. In the stated case, the price might decline toward the $0.080 level.
Technical Indicators
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.
Major Support Levels – $0.086, $0.084, and $0.080.
Major Resistance Levels – $0.0928, $0.0980, and $0.010.