Dogecoin is climbing higher above the $0.065 resistance against the US Dollar. DOGE could rally over 20% if it clears the $0.070 resistance zone. DOGE started a decent increase above the $0.0625 resistance against the US dollar. The price is trading below the $0.0650 level and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price could start a strong rally like Bitcoin if it clears the $0.070 resistance. Dogecoin Price Starts Increase After forming a base above the $0.0575 level, Dogecoin price started a fresh increase. DOGE broke the $0.060 resistance zone to move into a positive zone. The recent pump in Bitcoin and Ethereum also pushed DOGE further higher. There was a steady increase above the $0.0650 resistance zone. A high is formed near $0.0693 and the price is now consolidating gains. It is also above the 23.6% Fib retracement level of the recent increase from the $0.0574 swing low to the $0.0693 high. DOGE is now trading above the $0.065 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0685 level. There is also a key bullish trend line forming with support near $0.0650 on the 4-hour chart of the DOGE/USD pair. Source: DOGEUSD on TradingView.com The first major resistance is near the $0.0685 level. The main resistance is near $0.070. A close above the $0.070 resistance might send the price toward the $0.0735 resistance. The next major resistance is near $0.0750. Any more gains might send the price toward the $0.080 level. Are Dips Supported in DOGE? If DOGE’s price fails to gain pace above the $0.070 level, it could start a downside correction. Initial support on the downside is near the $0.0665 level. The next major support is near the $0.0650 level. If there is a downside break below the $0.0650 support, the price could decline further. In the stated case, the price might decline toward the $0.0632 level or the 50% Fib retracement level of the recent increase from the $0.0574 swing low to the $0.0693 high. 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 – $0.0665, $0.0650, and $0.0632. Major Resistance Levels – $0.0685, $0.0700, and $0.0750.
