Bullish Breakout! But DOGE still has to overcome an obstacle

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Finally bullish signals! Dogecoin bottomed near $0.066 and started a new rise. Memecoin could continue higher, but it needs to close above the $0.08 resistance.

  • DOGE has gained momentum and is trading above the $0.075 resistance.
  • The price is trading above the $0.0750 zone and the 100 simple moving average (4-hour).
  • An important uptrend line is forming with support at $0.074 on the 4-hour chart of the DOGE/USD pair (Data Source: Kraken).
  • The pair could continue higher if it closes well above the $0.08 resistance.

Dogecoin: The course shows bullish signals

After a sharp decline, the Dogecoin price has found support near the $0.066 zone. Dogecoin remained well bid and started a steady rise above the $0.068 resistance.

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There was a clear move above the $0.07 resistance zone – this has set the pace for a decent rally. Price broke the 23.6% Fib retracement level of the key decline from the $0.1402 high to the $0.0658 low. The price is now trading above the $0.075 zone and the 100 simple moving average (4-hour).

An important uptrend line is also forming with support at $0.074 on the 4-hour chart for the DOGE/USD pair. In the last few sessions, similar to Bitcoin and Ethereum, the DOGE price rose to more than $0.075.

On the way up, the price is meeting resistance near $0.08. The first major resistance stands at $0.082. A clear move above the $0.082 resistance could drive the price towards the $0.088 resistance. This is close to the 50% Fib retracement level of the key decline from the $0.1402 high to the $0.0658 low.

Dogecoin: Price Signals Bullish, Source: DOGEUSD on TradingView.com

Any further gains could drive the price towards the $0.09 level. On the other hand, a clear move above the $0.09 resistance could open the gates for a rally towards $0.10.

Is DOGE going down again?

It cannot be ruled out: Dogecoin (DOGE) must sustain above the $0.082 level or a downside correction is imminent. Initial support on the downside is near $0.0765 on the fall.

Next key support awaits then near $0.074 and the trend line. If the $0.074 support is broken, the price could fall further. In the mentioned case, Dogecoin could slide towards the $0.07 level.

Technical indicators

  • MACD on 4-hour chart: The MACD for the DOGE/USD pair is now floating in bullish territory.
  • RSI (Relative Strength Index) on 4-hour chart: RSI for DOGE/USD is now above the 50 level.
  • Key support levels: $0.0765, $0.074 and $0.07.
  • Key resistance levels: $0.08, $0.085 and $0.088.

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Text credit: Newsbtc

Last updated on January 12, 2023

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