Dogecoin (DOGE) Eyes Acceleration: Will It Climb Higher?

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I must admit that Dogecoin has been quite the rollercoaster ride! After witnessing its meteoric rise and subsequent decline, I am cautiously optimistic about its latest surge above $0.10.

Dogecoin has begun a new upward movement, with its base at approximately $0.0985 versus the U.S. dollar. If Dogecoin successfully surpasses the $0.1085 hurdle, it might accelerate further in value.

    DOGE price is eyeing an upside break above $0.1085.
    The price is trading above the $0.100 level and the 100-hourly simple moving average.
    There was a break above a key bearish trend line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair (data source from Kraken).
    The price could rally if it clears the $0.1060 and $0.1085 resistance levels.

Dogecoin Price Rises Again

Following a persistent drop, Dogecoin’s price stabilized around approximately $0.0985. This led to the formation of a base, prompting Dogecoin to exhibit an uptrend similar to Bitcoin and Ethereum. The price surpassed the obstacles at $0.1020 and $0.1040 resistance levels.

On the hourly Dogecoin-to-US-dollar (DOGE/USD) chart, a significant jump occurred above a key bearish trendline that had resistance at $0.1030. This move also surpassed the 50% Fibonacci retracement level from the price swing high at $0.1084 to the low at $0.0985.

Currently, Dogecoin’s price is hovering above the $0.1040 mark and its short-term moving average. The next significant resistance point lies around the $0.1050 level, which is also close to the 61.8% Fibonacci retracement level from the drop downward from the peak at $0.1084 to the low at $0.0985.

Approaching levels of potential resistance lie around $0.1060 and $0.1085. If we manage to break above the $0.1060 resistance, it could push the price further up towards $0.1085. Any additional gains might lead to a rise in the price all the way to $0.1150. The bulls’ ultimate goal might be around $0.1200.

Another Rejection In DOGE?

If Dogecoin’s price doesn’t manage to surpass $0.1060, it might initiate another drop. A potential cushion lies at around $0.1030, and the same trend line offers similar support. The next substantial support can be found near $0.1020 level.

If the key support level of $0.0985 is breached, it’s possible that the price may drop significantly. This potential decrease could take the price down to around $0.0920, and possibly as low as $0.0885 in the coming days.

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 – $0.1030 and $0.1000.

Major Resistance Levels – $0.1060 and $0.1085.

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2024-09-19 08:28