Dogecoin is gaining momentum above the $0.085 resistance against the US dollar. DOGE could rise further if it closes above the $0.092 resistance.
- DOGE gained momentum and traded above the $0.085 resistance against the US dollar.
- The price is trading above the $0.0850 zone and the 100 simple moving average (4 hours).
- A major bullish trend is forming with support near $0.0830 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The pair could move higher if there is a clear close above the $0.092 resistance.
Dogecoin price breaks upside down
After forming a base above the $0.065 zone, the price of dogecoin started to rise steadily. DOGE stayed on a good bid and gained momentum above the $0.075 resistance.
There was a clear move above the $0.080 resistance zone to start a decent rally. The price crossed some barriers near the $0.085 level and settled above the 100 Simple Moving Average (4-hours), as Bitcoin And Ethereum. A new annual high was established near $0.0934 and the price is now consolidating the gains.
It is trading near the 23.6% Fib retracement level of the upward move from the $0.0768 swing low to the $0.0934 high. The price of Dodge is now trading above the $0.0850 zone and the 100 simple moving average (4 hours).
A major bullish trend line is also forming with support near $0.0830 on the 4-hour chart of the DOGE/USD pair. On the upside, the price is facing resistance near the $0.0915 level. The first major resistance is near the $0.0920 level.
Source: DOGEUSD on TradingView.com
A clear move above the $0.092 resistance could send the price towards the $0.098 resistance. Another gain could send the price towards the $0.100 level. A clear move above the $0.100 resistance could open the door to a rally towards the $0.112 level.
Supported dips in DOGE?
If the DOGE price fails to gain momentum above the $0.092 level, it may initiate a negative correction. Initial support on the downside is near the $0.0880 level.
The next major support is near the $0.085 level or the 50% Fib retracement level of the upside move $0.0934 higher than the $0.0768 swing low. If there is a bearish break below the $0.085 support, the price could fall further. In the described scenario, the price may fall towards the $0.082 level and the trendline.
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.
Key support levels – $0.088, $0.0850 and $0.0820.
Key resistance levels – $0.0915, $0.0920 and $0.098.
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