Dogecoin (DOGE) Jumps 10%+: Is More Upside Ahead?

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As a seasoned researcher with years of experience in the cryptocurrency market, I find the current momentum of Dogecoin (DOGE) quite intriguing. The recent surge above the $0.180 resistance is reminiscent of a bullish breakout we’ve seen before in other coins. If DOGE can clear the $0.2200 resistance, it could potentially catapult towards the $0.2420 level and even challenge the $0.250 mark – a level that might make Elon Musk’s Doge-themed rocket ship blush!

As a researcher, I’ve noticed that Dogecoin has recently broken through the $0.180 barrier against the U.S. dollar, indicating a new upward momentum. If Dogecoin manages to surmount the $0.2200 resistance level, it could potentially continue its upward trend.

  • DOGE price started a fresh rally like Bitcoin and climbed above the $0.180 resistance level.
  • The price is trading above the $0.1800 level and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $0.1620 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could continue to rally if it clears the $0.2150 and $0.2200 resistance levels.

Dogecoin Price Eyes More Gains

The value of Dogecoin began a new upward trend following its successful breakthrough of the $0.1650 barrier, similar to Bitcoin and Ethereum. Subsequently, DOGE picked up speed, aiming to surpass the resistance levels at $0.1800 and $0.1850.

On the hourly chart for DOGE/USD, a break occurred above a significant bearish trend line that had resistance at approximately $0.1620. The pair not only broke this level but also climbed above $0.2000. A peak was reached at $0.2200, and now the price is stabilizing above the 23.6% Fibonacci retracement level of the upward movement from the $0.1654 swing low to the $0.2200 high.

Currently, Dogecoin’s price surpasses the $0.200 mark and also exceeds its 100-hour moving average. For now, a notable barrier to further growth lies around $0.2150. The next significant resistance can be found at approximately $0.220.

If the price breaks through the $0.220 barrier, it could move up to the next resistance at $0.2320. Further increases may propel the price towards the $0.2420 level. The next significant target for bulls could be $0.250.

Are Dips Supported In DOGE?

If Dogecoin’s price doesn’t manage to surpass the $0.2150 mark, it might trigger another drop. The first line of defense on a downward trend could be at around $0.2080. A more substantial support is expected near $0.1920 or the 50% retracement point of the upward journey from its low at $0.1654 to its high at $0.2200.

If the key support at $0.1780 gives way and the price drops below it, there’s a possibility of a continued fall. The potential drop could lead the price to approach the levels of $0.1650 or even as low as $0.1620 in the immediate future.

Technical Indicators

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

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

Major Support Levels – $0.2080 and $0.1920.

Major Resistance Levels – $0.2150 and $0.2200.

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2024-11-06 08:10