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Dogecoin Price Prediction: Doge Restarts Rally And Aims For $0.10

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Dogecoin Price Prediction: Doge Restarts Rally And Aims For $0.10

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.

Dogecoin Price Prediction: Doge Restarts Rally And Aims For $0.10

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.

Source

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