DOGEdogecoinDOGEUSDDOGEUSDTtechnical analysis

Charted: Dogecoin (DOGE) Beats Bitcoin, Why It Could Test $0.5

Dogecoin extended its rally above the $0.4000 resistance against the US Dollar. DOGE tested the $0.4500 zone and it is likely to continue higher in the near term.

  • DOGE gained bullish momentum above the $0.3500 and $0.4000 resistance levels against the US dollar.
  • The price is trading nicely above the $0.3000 support and the 100 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $0.3600 on the 4-hours chart of the DOGE/USD pair (data source from Bitfinex).
  • The pair is correcting gains, but dips are likely to remain limited below $0.3500.

Dogecoin Rallies To $0.45

After forming a base above the $0.2800 and $0.3000 levels, dogecoin started a fresh rally. It broke many important hurdles near the $0.3500 and $0.3550 levels, outperforming bitcoin.

DOGE rallied above the $0.4000 barrier and settled above the 100 simple moving average (4-hours). It tested the $0.4500 resistance zone and a high is formed near $0.4512. The price is now correcting gains and trading below the $0.4400 level.

It spiked below the $0.4200 support zone. There was a break below the 23.6% Fib retracement level of the recent rally from the $0.2971 swing low to $0.4512 high.

Source: DOGEUSD on TradingView.com

On the downside, an initial support is near the $0.4000 level. The next major support is seen near the $0.3750 level. It is close to the 50% Fib retracement level of the recent rally from the $0.2971 swing low to $0.4512 high.

The main support is forming near the $0.3600 and $0.3500 levels. There is also a crucial bullish trend line forming with support near $0.3600 on the 4-hours chart of the DOGE/USD pair. Any more losses could open the doors for a move towards the $0.3000 level.

More Upsides in DOGE

If DOGE price remains stable above the $0.4000 support or the trend line, there are chances of more upsides. An initial resistance on the upside is near the $0.4350 level.

The first major resistance is near the $0.4500 level. Any more gains and a clear close above $0.4500 could set the pace for a rise towards the $0.5000 resistance zone.

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 – $0.4000, $0.3750 and $0.3600.

Major Resistance Levels – $0.4350, $0.4500 and $0.5000.

Originally published on News BTC

Related posts
DOGEdogecoindumpElon MuskRetailSNLtesla

Dogecoin price dumps, but whodunnit? Whales, institutions or retail traders?

Although Dogecoin’s futures volume tripled, the recent 42% price dump appears to be entirely retail-driven. Most recently, DOGE pulled off a 10x gain as it rallied to $0.74 in the past week. The breakout was fueled mainly by Tesla CEO…
Binance CoinBitcoinBitcoin CashCardanoChainlinkdogecoinEthereumLitecoinMarketsPolkadotPrice analysisRipple

Price analysis 5/10: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, BCH, LTC, LINK

Ethereum’s increasing dominance has kept traders focused on altcoins but Bitcoin’s struggle to hold above $59,000 could send the entire market tumbling. The astronomical rally in Ether (ETH) is not showing any signs of slowing down. The bulls easily cleared…
Cryptocurrenciesdogecoin

People seem to have forgotten that Dogecoin fans have always been lit

DOGE excitement is not a new thing. Dogecoin fanfare has exploded during the first half of 2021, often in tandem with Elon Musk’s tweets mentioning the asset. The coin has seen notable hype, evidenced by its significant upward price surge…