With respect to the US Dollar, Dogecoin increased its gains by over 25% and overcame the $0.090 resistance. The $0.088 support may attract new bids as DOGE corrects its gains.
- DOGE picked up speed and surpassed the $0.090 resistance level against the US dollar.
- The price is trading significantly higher than both the $0.085 area and the 4-hour 100 SMA.
- On the 4-hours chart of the DOGE/USD pair (data source from Kraken), a significant bearish trend line is developing with resistance located near $0.094.
- If there is a clear upward movement above $0.0940, the pair might begin a new uptrend.
Start mining Dogecoin with Goldshell Mini Doge!
Dogecoin Price Trims Gains
Dogecoin’s price experienced a significant increase from the $0.0750 support after Twitter changed its logo. DOGE outperformed Ethereum and Bitcoin. Near $0.0850, it gained over 25% and overcame many obstacles.
The $0.090 resistance was successfully breached by the bulls. At $0.1051, a new monthly high was reached after the price surged above $0.10. Recently, there was a downward correction below $0.1000.
The price of DOGE dropped under the $0.095 mark. In order to measure the recent rally from the $0.0765 swing low to the $0.1051 high, the price tested the 50% Fib retracement level. It is currently consolidating gains well above the $0.085 area and the 100 simple moving average (4 hours).
The price is meeting resistance near the $0.0940 level on the upside. On the DOGE/USD pair’s 4-hours chart, a significant bearish trend line is also developing with resistance located close to $0.094.
The first significant barrier is located close to the $0.095 mark. If the price moves decisively above the $0.095 resistance, it might move in the direction of the $0.100 resistance. Price could approach $0.105 if there are any additional gains. The doorway for a rise toward the $0.12 level may be opened by a clear move above the $0.105 resistance.
Dips Supported in DOGE?
If DOGE’s price is unable to rise above $0.095, it might keep falling. The $0.0905 level is a good first level of support on the downside.
The 76.4% Fib retracement level of the most recent rally from the $0.0765 swing low to the $0.1051 high is close to the $0.085 level, which is the area that will provide the next significant support. Price declines may be possible if there is a downside break below the $0.085 support. In the hypothetical situation, the price could drop to around $0.075.
Source: newsbtc.com
