Dogecoin Price (DOGE) Breaking This Resistance Could Spark Fresh Surge

2023-07-31 05:08:14

Dogecoin is showing positive signs above the $0.075 resistance against the US Dollar. DOGE could extend its rally if it breaks the $0.0835 resistance zone.

DOGE is currently trading in a bullish zone above $0.075 resistance against the US dollar.
The price is trading well above the $0.0765 zone and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.0760 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
The price could start another increase if it clears $0.0820 and $0.0835.

Dogecoin Price Remains In Uptrend

In the last Dogecoin price prediction, we discussed how DOGE rallied over 10%. The price extended its increase above the $0.0820 resistance, outperforming Bitcoin and Ethereum.

Finally, it tested the $0.0840 zone. A high was formed near $0.0837 and recently there was a downside correction. There was a minor decline below the $0.080 level. The price traded below the 23.6% Fib retracement level of the upward move from the $0.0695 swing low to the $0.0837 high.

However, the bulls were active near the $0.0765 support. DOGE is trading well above the $0.0765 zone and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.0760 on the 4-hours chart of the DOGE/USD pair.

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.080 level. The first major resistance is near the $0.082 level. A close above the $0.082 resistance might send the price toward the $0.0835 resistance. The next major resistance is near $0.0855. Any more gains might send the price toward the $0.088 level.

Are Dips Limited in DOGE?

If DOGE’s price fails to gain pace above the $0.0820 level, it could continue to move down. Initial support on the downside is near the $0.0765 level.

The next major support is near the $0.0760 level and the trend line. If there is a downside break below the $0.0760 support, the price could decline further. In the stated case, the price might decline toward the $0.070 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now losing 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 – $0.0765, $0.0760, and $0.072.

Major Resistance Levels – $0.080, $0.082, and $0.0835.

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