Dogecoin (DOGE) Soars 50% In a Flash: Is More Upside Ahead?

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Dogecoin experienced a new push beyond the $0.220 barrier versus the U.S. dollar, indicating an increase of over 50%. The cryptocurrency seems poised for further gains.

  • DOGE price started a fresh rally like Bitcoin and climbed above the $0.220 resistance level.
  • The price is trading above the $0.2800 level and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support at $0.280 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could continue to rally if it clears the $0.3050 and $0.3120 resistance levels.

Dogecoin Price Eyes More Gains

The value of Dogecoin has recently experienced a significant increase following its successful breakthrough of the $0.200 barrier, much like Bitcoin and Ethereum. This surge in DOGE’s value allowed it to pick up speed and potentially exceed previous resistance levels at $0.2200 and $0.2500.

The duo reached beyond $0.3000, reaching a peak at $0.3036. Currently, the price is stabilizing above the 23.6% Fibonacci retracement line, which marks the midpoint of the upward trend from the $0.2013 low to the $0.3036 high. Additionally, a significant bullish trendline is taking shape with a support at approximately $0.280 on the hourly chart for Dogecoin (DOGE) versus the US Dollar pair.

Currently, Dogecoin’s price stands above the $0.2880 mark and its 100-hour moving average. A potential barrier for further growth lies around the $0.300 mark, with a more significant resistance expected at approximately $0.3050.

If the price breaks through the $0.3050 barrier, it could move upward to encounter the $0.3120 resistance. Further increases in price may push it up to the $0.34500 level. The bulls’ next significant target could be $0.350.

Are Dips Limited In DOGE?

If Dogecoin’s price doesn’t manage to surpass the $0.3050 mark, it might initiate a decrease in value. A potential floor for this decline could be around $0.280 or the trend line. The next significant support lies at approximately $0.2680 level.

The crucial point of resistance lies around $0.2550, which is halfway through the upward trend from the $0.2013 low to the $0.3036 high. If this support gets broken and the price falls below $0.2550, it could potentially drop down. In such a scenario, the price might slide towards approximately $0.2420 in the immediate future, or possibly even reach $0.2350.

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 – $0.280 and $0.2680.

Major Resistance Levels – $0.3000 and $0.3050.

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2024-11-11 08:28