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Homeweb3.0Dogecoin Price Eyes More Upsides

Dogecoin Price Eyes More Upsides

Oct 21, 2024 pm 03:42 PM
Dogecoin (DOGE) $0.150

Dogecoin price started a fresh increase above the $0.1200 resistance zone. DOGE gained traction for a move above the $0.1320 resistance zone

Dogecoin Price Eyes More Upsides

Dogecoin price gained traction on Monday as it rallied past Bitcoin and its price is now aiming for further rises. DOGE price started a fresh increase above the $0.1200 resistance zone. DOGE gained momentum for a move above the $0.1320 resistance zone and outperformed Bitcoin and Ethereum. There was also a move above the $0.1350 and $0.1400 resistance levels.

The price reached a high of $0.1467 and recently saw a minor downside correction. The price declined below the $0.1420 level. It traded below the 23.6 Fibonacci retracement level of the upward move from the $0.1206 swing low to $0.1467 high.

However, the bulls are active above the $0.1350 level. There is also a key bullish trend line forming with support near $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1320 level and the 100 hourly simple moving average. Above, immediate resistance is near the $0.1465 level. The next major resistance is near the $0.1480 level.

A close above the $0.1480 resistance could send the price towards the $0.1520 resistance. Any further gains could send the price towards the $0.1550 level. The next big stop for the bulls could be $0.1585.

Are Drops Supported in DOGE?

If DOGE price fails to climb above the $0.1465 level, it could start another decline. Below, an initial support is near the $0.1420 level. The next major support is near the $0.1400 level.

The main support sits at $0.1335 or the 50 Fibonacci retracement level of the upward move from the $0.1206 swing low to the $0.1467 high. If there is a break below the $0.1335 support, the price could decline further. In the mentioned case, the price could drop to $0.1250 or even $0.1220 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.

Major Support Levels – $0.1465 and $0.1500.

Major Resistance Levels – $0.1420 and $0.1335.

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