Dogecoin Price (DOGE) Jumps 10% – Here’s Why The Bulls Could Aim $0.085

2023-07-25 04:54:48

Dogecoin is gaining bullish momentum above the $0.075 resistance against the US Dollar. DOGE could extend its rally toward the $0.085 resistance zone.

DOGE is currently trading in a bullish zone above $0.072 resistance against the US dollar.
The price is trading well above the $0.075 zone and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.0725 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
The price is up nearly 10% and might extend its increase above $0.080.

Dogecoin Price Gains Strength

In the last Dogecoin price prediction, we discussed how DOGE could surge 10%. The price did form a base above the $0.0680 level and started a fresh rally.

The price cleared the $0.072 and $0.0725 resistance levels, outperforming Bitcoin and Ethereum. It is up over 10% and trading near the $0.0780 resistance. A high is formed near $0.0780 and the price is now consolidating gains.

DOGE is trading well above the $0.0725 zone and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.0725 on the 4-hours chart of the DOGE/USD pair. The pair is now trading above the 23.6% Fib retracement level of the recent rally from the $0.0695 swing low to the $0.0780 high.

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.0780 level. The first major resistance is near the $0.080 level. A close above the $0.080 resistance might send the price toward the $0.0820 resistance. The next major resistance is near $0.0832. 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 $0.0780 level, it could start a downside correction. Initial support on the downside is near the $0.0760 level.

The next major support is near the $0.0725 level and the trend line. If there is a downside break below the $0.0725 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 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 – $0.0765, $0.0725, and $0.070.

Major Resistance Levels – $0.0780, $0.080, and $0.085.

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