Dogecoin is gaining bullish momentum above the $0.062 resistance against the US Dollar. DOGE could rally if it clears the 100 SMA (H4).
DOGE is currently showing positive signs above $0.0620 resistance against the US dollar. The price is trading below the $0.064 zone and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $0.0620 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 $0.064 resistance zone.Dogecoin Price Could Rally 5%
After forming a base above the $0.0550 level, Dogecoin’s price started a decent increase. DOGE was able to clear the $0.0580 and $0.060 resistance levels.
In the past two sessions, there were bullish moves in Bitcoin and Ethereum, sparking a decent increase in DOGE. The price climbed above the 50% Fib retracement level of the key decline from the $0.0715 swing high to the $0.0554 low.
Besides, there was a break above a key bearish trend line with resistance near $0.0620 on the 4-hours chart of the DOGE/USD pair. The pair is now trading below the $0.064 zone and the 100 simple moving average (4 hours).
On the upside, the price is facing resistance near the 100 simple moving average (4 hours). The first major resistance is near the $0.0655 level and the 61.8% Fib retracement level of the key decline from the $0.0715 swing high to the $0.0554 low.
Source: DOGEUSD on TradingView.com
A close above the $0.0655 resistance might send the price toward the $0.0685 resistance. The next major resistance is near $0.070. Any more gains might send the price toward the $0.072 level.
Fresh Decline in DOGE?
If DOGE’s price fails to gain pace above the $0.0640 level, it could start a fresh decline. Initial support on the downside is near the $0.0625 level.
The next major support is near the $0.060 level. If there is a downside break below the $0.0600 support, the price could decline further. In the stated case, the price might decline toward the $0.0550 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 – $0.0625, $0.0600, and $0.0550.
Major Resistance Levels – $0.0640, $0.0655, and $0.0685.
