DOGE Price Prediction – Dogecoin Could Restart Rally If It Holds This Support

Dogecoin is currently adjusting its growth from around $0.23 in value versus the US Dollar. For Dogecoin to begin a new upward trend, it’s important that it maintains its position above the support level of $0.1750.

    DOGE struggled to stay above $0.225 and corrected gains against the US dollar.
    The price is trading above the $0.1750 level and the 100 simple moving average (4 hours).
    There was a break below a key bullish trend line with support at $0.2040 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
    The price could restart its increase unless there is a close below the $0.1750 support.

Dogecoin Price Approaches Key Support

Following a consistent upward trend, Dogecoin’s price tried to climb higher past the $0.230 mark. Yet, it faced resistance around $0.2250. A peak was reached at $0.2294, and subsequently, Dogecoin began to decline, mirroring the trends of Bitcoin and Ethereum.

The price fell slightly below the $0.2050 and $0.200 support thresholds. It also dropped beneath the 23.6% Fibonacci retracement mark during the uptrend from the $0.1228 swing low to the $0.2294 peak.

On the DOGE/USD 4-hour chart, a significant drop occurred beneath the crucial trendline, which previously held at $0.2040. However, Dogecoin remains above the $0.1750 mark and the 100-SMA (simple moving average) line, currently at this level.

DOGE Price Prediction – Dogecoin Could Restart Rally If It Holds This Support

The cost is encountering resistance around $0.1950, with significant resistance lying ahead at $0.200. Breaking above this barrier could potentially push the price up towards the next hurdle at $0.2150. Beyond that, there’s another major resistance level near $0.2300, and further growth may propel the price towards $0.2500.

More Downsides in DOGE?

If DOGE‘s price doesn’t pick up speed and rise above the $0.200 mark, there’s a chance it may keep falling. The first line of defense on the downside lies around the $0.1820 level.

if the price reaches the next significant resistance point, which is around $0.1750 or the halfway mark of the price increase from its low at $0.1228 to its high at $0.2294, and we see a break below $0.1750, the price may drop and potentially reach the level of $0.1480.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1820, $0.1750 and $0.1480.

Major Resistance Levels – $0.2000, $0.2150, and $0.2300.

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2024-04-02 07:52