Dogecoin Price (DOGE) Holds Strong – Why Bulls Could Aim Rally To $0.078

2023-08-30 04:50:05

Dogecoin is showing positive signs above the $0.0642 level against the US Dollar. DOGE could continue to rise if it stays above the $0.0606 support.

DOGE started a decent increase above the $0.0642 resistance against the US dollar.
The price is trading above the $0.065 level and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.0630 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could correct lower, but dips might be attractive near the $0.062 zone.

Dogecoin Price Starts Recovery

After a major decline, Dogecoin price found support near the $0.055 zone. DOGE traded as low as $0.0557 and started a fresh increase. There was a decent move above $0.0600 and the price settled above $0.0606.

Recently, there was a strong increase in Dogecoin like Bitcoin and Ethereum, and it was able to clear the $0.0620 resistance. The price climbed above the 50% Fib retracement level of the main decline from the $0.0772 swing high to the $0.0557 low.

Besides, there was a break above a key bearish trend line with resistance near $0.0630 on the 4-hour chart of the DOGE/USD pair. It 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 $0.0665 level. The first major resistance is near the $0.0690 level or the 61.8% Fib retracement level of the main decline from the $0.0772 swing high to the $0.0557 low.

Source: DOGEUSD on TradingView.com

A close above the $0.0690 resistance might send the price toward the $0.0725 resistance. The next major resistance is near $0.0780. Any more gains might send the price toward the $0.080 level.

Are Dips Supported in DOGE?

If DOGE fails to gain pace above the $0.0690 level, it could start a downside correction. Initial support on the downside is near the $0.0642 level.

The next major support is near the $0.0606 level. If there is a downside break below the $0.0606 support, the price could decline further. In the stated case, the price might decline toward the $0.055 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 – $0.0642, $0.0625, and $0.0606.

Major Resistance Levels – $0.0665, $0.0690, and $0.075.

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