Bullish Breakout! But DOGE still has to overcome an obstacle

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.

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.

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.

New Presale Launched: Meta Masters Guild – Enter Now?

The mega-seller Diablo Immortal showed the way: “Mobile games” are the trend of the time, more and more players are excited about mobile games. “Meta Masters Guild” (MEMAG), a new blockchain-focused gaming platform, is now pushing into this booming area. Here, high-quality mobile games with blockchain integration must be created – and all of them function as play-2-earn games. In other words, users who play the games receive special rewards – so-called “gems”. These can in turn be converted into MEMAG tokens. There is also the opportunity to win additional coins and exclusive NFTs. The project is currently still in presale (presale), but already has three games in development: the PVP racing game Meta Kart Racers (Alpha planned for Q2/2023), fantasy PVP fighting game Raid NFT and Meta Masters World, a kind of ” Second Life ” with NFT elements – all three should be free-to-play. Crypto-influencer Jacob Bury is already bullish on the Meta Masters Guild, and believes that a 10x is possible, i.e. a tenfold increase in value:

Here for the Meta Masters Guild Presale

Text credit: Newsbtc

Last updated on January 12, 2023

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