Dogecoin Price Prediction – DOGE Rally To $0.085 Seems Imminent

2023-11-08 05:06:34

Dogecoin is showing positive signs above the $0.0720 resistance against the US Dollar. DOGE could rally over 10% if it clears the $0.0765 resistance zone.

DOGE started a decent increase above the $0.070 resistance against the US dollar.
The price is trading below the $0.0720 level and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could start a strong rally like Solana if it clears the $0.0765 resistance.

Dogecoin Price Aims Key Upside Break

After forming a base above the $0.065 level, Dogecoin price started a fresh increase. DOGE broke the $0.0685 resistance zone to move into a positive zone, like Bitcoin and Ethereum.

The bulls were able to push the price further above the $0.0720 resistance. However, the price failed to clear the $0.0765 resistance and corrected lower. There was a move below the $0.0740 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0655 swing low to the $0.0764 high.

DOGE is now trading above the $0.072 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $0.0655 swing low to the $0.0764 high.

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.0750 level. The first major resistance is near the $0.0765 level. A close above the $0.0765 resistance might send the price toward the $0.080 resistance. The next major resistance is near $0.0820. Any more gains might send the price toward the $0.085 level.

Are Dips Limited in DOGE?

If DOGE’s price fails to gain pace above the $0.0765 level, it could continue to move down. Initial support on the downside is near the $0.0720 level.

The next major support is near the $0.0712 level and the trend line. If there is a downside break below the $0.0712 support, the price could decline further. In the stated case, the price might decline toward the $0.070 level or the 100 simple moving average (4 hours).

Technical Indicators

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 – $0.0720, $0.0712, and $0.0700.

Major Resistance Levels – $0.0750, $0.0765, and $0.0850.

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