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Dogecoin Price (DOGE) Jumps 10% – Here’s Why The Bulls Could Aim $0.085

Dogecoin (DOGE) is bullish, trading above the $0.072 resistance against the US dollar. The price is well above the $0.075 zone and the 100 simple moving average on the 4-hours chart. A major bullish trend line is forming with support near $0.0725.

The recent rally saw DOGE clearing the $0.072 and $0.0725 resistance levels, outperforming Bitcoin and Ethereum with over a 10% increase. The price reached a high near $0.0780 and is now consolidating gains.

DOGE remains well above the $0.0725 zone and the 100 simple moving average on the 4-hours chart. The bullish trend line also adds to the support at around $0.0725. The pair is trading above the 23.6% Fibonacci retracement level of the recent rally from the $0.0695 swing low to the $0.0780 high.

The price faces resistance near the $0.0780 level, with the first major resistance at around $0.080. A close above this level could push the price toward the $0.0820 resistance, followed by the next major resistance at approximately $0.0832. Further gains might lead the price toward $0.085.

On the other hand, if the price fails to gain momentum above $0.0780, it might start a downside correction. Initial support on the downside is at about the $0.0760 level. The next significant support lies around $0.0725 and the bullish trend line. A break below this level could lead to a further decline towards $0.070.

As for technical indicators, the 4-hour MACD is gaining momentum in the bullish zone, while the RSI is above the 50 level, indicating positive sentiment.

Overall, Dogecoin’s current price action indicates a bullish trend. If it continues to maintain its momentum, the price may extend its increase above $0.080 and potentially reach higher levels in the near future. However, traders should know potential support and resistance levels to make informed decisions.

 

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