Dogecoin (DOGE) Momentum Seems Unstoppable: How High Can It Go?

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find the recent surge of Dogecoin intriguing. The price action of DOGE mirrors that of Bitcoin and Ethereum, suggesting a broader market trend. The technical indicators support a bullish outlook, with the price holding above key resistance levels and a strong bullish trend line in play.

Dogecoin has recently spiked past its previous resistance of $0.320 when paired with the U.S. dollar. Currently, Dogecoin maintains its upward momentum and looks poised for further growth towards $0.4180.

  • DOGE price started a fresh rally like Bitcoin and climbed above the $0.350 resistance level.
  • The price is trading above the $0.3650 level and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support at $0.3870 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could continue to rally if it clears the $0.400 and $0.4150 resistance levels.

Dogecoin Price Eyes Fresh Surge

The cost of Dogecoin saw a new upward trend as it successfully broke through the $0.320 barrier, similar to Bitcoin and Ethereum. Subsequently, Dogecoin picked up speed, aiming to surpass the resistance levels at $0.3800 and $0.400.

Initially, the duo climbed beyond $0.4200. A peak was reached at $0.4342, and since then, the price has started to decline due to a pullback. There was a drop below the $0.40 mark. The price fell below the halfway point of the Fibonacci retracement line, which is derived from the upward trend that started at the $0.3519 low and peaked at $0.4342 high.

Currently, the bulls are showing activity around the $0.3850 region in Dogecoin’s price movement. The coin is currently trading above the $0.3650 mark and the 100-hour moving average. Additionally, a significant bullish trend line is emerging with support at approximately $0.3870 on the hourly chart of DOGE/USD. This trend line is near the 61.8% Fibonacci retracement level stemming from the price drop from $0.3519 to a high of $0.4342.

Initially, there’s likely to be strong opposition when prices rise close to around $0.400. After that, the significant resistance is found at approximately $0.4150. Overcoming this resistance could potentially push the price up to the next hurdle at $0.4320. Further increases might lead the price towards $0.4500. The bulls’ next major objective could be around $0.4650.

Are Dips Supported In DOGE?

If Dogecoin’s price doesn’t manage to surge beyond the $0.4150 point, it might initiate a drop in value instead. Key support areas for this potential decline are anticipated at approximately $0.3870 and the trendline. A more substantial support lies around the $0.3715 mark.

If the main support level of $0.3420 is breached, there’s a possibility that the price may drop more significantly, potentially reaching around $0.3150 or even dipping as low as $0.300 within the short term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

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

Major Support Levels – $0.3870 and $0.3715.

Major Resistance Levels – $0.4000 and $0.4150.

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2024-11-14 08:12