Started by Bitcoin, Jan 31, 2023, 10:32 am
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Dogecoin is gaining pace above the $0.088 resistance against the US Dollar. DOGE could rise further if there is a close above the $0.093 resistance.
After forming a base above the $0.080 zone, dogecoin price started a steady increase. DOGE was able to slowly climb higher above the $0.082 and $0.085 resistance levels.
There was a clear move above the $0.088 resistance zone to move further into a positive zone. However, the bears were active near the $0.092 and $0.093 resistance levels. The price is now consolidating gains above $0.090, unlike bitcoin and ethereum (correcting lower).
Doge price is trading above the $0.088 zone and the 100 simple moving average (4-hours). There is also a crucial bullish trend line forming with support near $0.0868 on the 4-hours chart of the DOGE/USD pair.
Recently, there was a minor decline from the $0.0948 high. It traded below the 23.6% Fib retracement level of the upward move from the $0.0844 swing low to $0.0948 high. On the upside, the price is facing resistance near the $0.0925 level. The first major resistance is near the $0.0930 level.
Source: DOGEUSD on TradingView.com
A clear move above the $0.093 resistance might send the price towards the $0.098 resistance. Any more gains might send the price towards the $0.100 level. A clear move above the $0.100 resistance could open the gates for an increase towards the $0.112 level.
If DOGE price fails to gain pace above the $0.093 level, it could start a downside correction. An initial support on the downside is near the $0.090 level.
The next major support is near the $0.088 level or the 61.8% Fib retracement level of the upward move from the $0.0844 swing low to $0.0948 high. If there is a downside break below the $0.088 support, the price could decline further. In the stated case, the price might decline towards the $0.086 level and the trend line.
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 - $0.088, $0.0860 and $0.0820.
Major Resistance Levels - $0.092, $0.093 and $0.098.
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