Dogecoin Price (DOGE) Poised To Surge If This Support Holds
August 22 2024 - 9:18AM
NEWSBTC
Dogecoin started a fresh increase above the $0.100 resistance
against the US Dollar. DOGE is rising and might gain pace for a
move above $0.1080. DOGE price is climbing higher from the $0.0980
support zone. The price is trading above the $0.1050 level and the
100-hourly simple moving average. There is a key bullish trend line
forming with support near $0.1050 on the hourly chart of the
DOGE/USD pair (data source from Kraken). The price could start a
fresh increase above the $0.1080 resistance zone. Dogecoin Price
Starts Fresh Increase In the past few sessions, Dogecoin price saw
a decent increase from the $0.0950 zone like Bitcoin and Ethereum.
The price was able to clear the $0.100 and $0.1020 resistance
levels. The bulls even pushed it above $0.1050 and the 100-hourly
simple moving average. A high was formed at $0.1079 before there
was a pullback. The price declined below the $0.1060 level. The
price even declined below the 50% Fib retracement level of the
upward move from the $0.1020 swing low to the $0.1079 high.
However, the bulls are active near the $0.1040 level. They
protected the 61.8% Fib retracement level of the upward move from
the $0.1020 swing low to the $0.1079 high. Besides, there is a key
bullish trend line forming with support near $0.1050 on the hourly
chart of the DOGE/USD pair. Dogecoin price is again rising and
trading above the $0.1050 level. Immediate resistance on the upside
is near the $0.1072 level. The next major resistance is near the
$0.1080 level. A close above the $0.1080 resistance might send the
price toward the $0.1120 resistance. Any more gains might send the
price toward the $0.1200 level. The next major stop for the bulls
might be $0.1350. More Downsides In DOGE? If DOGE’s price fails to
climb above the $0.1080 level, it could start another downside
correction. Initial support on the downside is near the $0.1055
level. The next major support is near the $0.1035 level. The main
support sits at $0.1020. If there is a downside break below the
$0.1020 support, the price could decline further. In the stated
case, the price might decline toward the $0.0950 level or even
$0.0920 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 – $0.1035 and $0.1020.
Major Resistance Levels – $0.1080 and $0.1120.
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