Dogecoin Price (DOGE) Poised To Surge If This Support Holds

NewsBTC · 2024-08-22T05:18:33+00:00

Dogecoin price has risen above $0.1050 and the 100-hourly SMA with a bullish trend line forming. It could climb above the $0.1080 resistance level for a move towards $0.1120. However, if it fails to break the resistance, it could result in another downside correction towards $0.1035 or possibly $0.1020.

NewsBTC

2024-08-22 05:18:33

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Dogecoin started a fresh increase above the $0.100 resistance against the US Dollar. DOGE is rising and might gain pace for a move above $0.1080.

DOGE price is climbing higher from the $0.0980 support zone.
The price is trading above the $0.1050 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support near $0.1050 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh increase above the $0.1080 resistance zone.

Dogecoin Price Starts Fresh Increase

In the past few sessions, Dogecoin price saw a decent increase from the $0.0950 zone like Bitcoin and Ethereum. The price was able to clear the $0.100 and $0.1020 resistance levels.

The bulls even pushed it above $0.1050 and the 100-hourly simple moving average. A high was formed at $0.1079 before there was a pullback. The price declined below the $0.1060 level. The price even declined below the 50% Fib retracement level of the upward move from the $0.1020 swing low to the $0.1079 high.

However, the bulls are active near the $0.1040 level. They protected the 61.8% Fib retracement level of the upward move from the $0.1020 swing low to the $0.1079 high.

Besides, there is a key bullish trend line forming with support near $0.1050 on the hourly chart of the DOGE/USD pair. Dogecoin price is again rising and trading above the $0.1050 level. Immediate resistance on the upside is near the $0.1072 level.

Source: DOGEUSD on TradingView.comThe next major resistance is near the $0.1080 level. A close above the $0.1080 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.1200 level. The next major stop for the bulls might be $0.1350.

More Downsides In DOGE?

If DOGE’s price fails to climb above the $0.1080 level, it could start another downside correction. Initial support on the downside is near the $0.1055 level. The next major support is near the $0.1035 level.

The main support sits at $0.1020. If there is a downside break below the $0.1020 support, the price could decline further. In the stated case, the price might decline toward the $0.0950 level or even $0.0920 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.1035 and $0.1020.

Major Resistance Levels – $0.1080 and $0.1120.

DOGE3,06%

PACE-1%

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