CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
NewsBTC 2024-11-11 05:18:49

Dogecoin (DOGE) Soars 50% In a Flash: Is More Upside Ahead?

Dogecoin started a fresh surge above the $0.220 resistance against the US Dollar. DOGE is up over 50% and is showing signs of more upsides. DOGE price started a fresh rally like Bitcoin and climbed above the $0.220 resistance level. The price is trading above the $0.2800 level and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $0.280 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could continue to rally if it clears the $0.3050 and $0.3120 resistance levels. Dogecoin Price Eyes More Gains Dogecoin price started a fresh surge after it reclaimed the $0.200 resistance like Bitcoin and Ethereum. DOGE was able to gain pace for a move above the $0.2200 and $0.250 resistance levels. The pair even surged above $0.3000. A high is formed at $0.3036 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.2013 swing low to the $0.3036 high. There is also a key bullish trend line forming with support at $0.280 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.2880 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.300 level. The next major resistance is near the $0.3050 level. A close above the $0.3050 resistance might send the price toward the $0.3120 resistance. Any more gains might send the price toward the $0.34500 level. The next major stop for the bulls might be $0.350. Are Dips Limited In DOGE? If DOGE’s price fails to climb above the $0.3050 level, it could start a downside correction. Initial support on the downside is near the $0.280 level and the trend line. The next major support is near the $0.2680 level. The main support sits at $0.2550 or the 50% Fib retracement level of the upward move from the $0.2013 swing low to the $0.3036 high. If there is a downside break below the $0.2550 support, the price could decline further. In the stated case, the price might decline toward the $0.2420 level or even $0.2350 in the near term. 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 – $0.280 and $0.2680. Major Resistance Levels – $0.3000 and $0.3050.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.