Dogecoin (DOGE) Sets Sights on $0.150: Will The Rally Take Off?

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As a seasoned researcher with extensive experience in the crypto market, I must say that the current Dogecoin (DOGE) price action presents an intriguing opportunity for investors. The recent surge above the $0.1350 resistance zone and the positive technical indicators suggest that DOGE might be gearing up for a significant move.

As an analyst, I’m observing that Dogecoin (DOGE) is currently surpassing the resistance at $0.1350 against the U.S. dollar. The coin appears to be displaying positive momentum and might potentially break through the next resistance level at $0.1450.

  • DOGE price started a fresh increase above the $0.1320 resistance level.
  • The price is trading above the $0.1350 level and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could gain bullish momentum if it clears the $0.1450 and $0.1465 resistance levels.

Dogecoin Price Eyes More Upsides

The price of Dogecoin has seen a new surge past the $0.12 barrier, with the cryptocurrency showing signs of strengthening beyond the $0.1320 resistance point. In fact, it has surpassed both Bitcoin and Ethereum in this growth phase. Moreover, it has successfully breached the resistance levels at $0.1350 and $0.1400 as well.

The price traded as high as $0.1467 and recently saw a minor downside correction. The price dipped below the $0.1420 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1206 swing low to the $0.1467 high.

In simpler terms, the price of Dogecoin is currently above $0.1350 and showing signs of bullish activity. A significant upward trend line is emerging with support at $0.1420 on the hourly chart. The coin is now trading slightly above $0.1320 and its 100-hour moving average. On the upside, immediate resistance can be found near $0.1465, with a more significant resistance at $0.1480 ahead.

If the price surpasses $0.1480, it could rise towards the next resistance at $0.1520. Further increases may push it up to $0.1550. The next significant target for bullish traders could be $0.1585.

Are Dips Supported In DOGE?

Should Dogecoin’s value not manage to surpass the $0.1465 mark, there’s a possibility it may initiate another drop. A potential floor in this situation could be around $0.1420. A more significant support lies at approximately $0.1400 level.

The key resistance lies at approximately $0.1335, which is also half-way point of the recent price increase from its low at $0.1206 to its high at $0.1467. If the price falls below this level, it may continue to drop, potentially reaching around $0.1250 or even $0.1220 in the near future.

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 – $0.1465 and $0.1500.

Major Resistance Levels – $0.1420 and $0.1335.

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2024-10-21 08:10