Dogecoin is up over 100% against the US Dollar. DOGE rallied toward the $0.20 resistance and might continue to rise toward the $0.225 resistance. DOGE extended its rally above the $0.150 resistance against the US dollar. The price is trading above the $0.180 level and the 100 simple moving average (4 hours). There is a connecting bullish trend line forming with support at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price could extend its rally above the $0.200 and $0.2120 resistance levels. Dogecoin Price Surges Over 100% In the past few sessions, Dogecoin price started a strong increase above the $0.10 resistance. DOGE cleared many hurdles near $0.1250 to enter a positive zone. It even broke the $0.150 resistance and outperformed Bitcoin and Ethereum. It is up over 100% in a few sessions and traded close to the $0.20 resistance. A new multi-week high was formed near $0.992 and the price is now correcting gains. The price is well above the 23.6% Fib retracement level of the recent rally from the $0.1250 swing low to the $0.1992 high. DOGE is also trading above the $0.180 level and the 100 simple moving average (4 hours). There is also a connecting bullish trend line forming with support at $0.1620 on the 4-hour chart of the DOGE/USD pair. The trend line is near the 50% Fib retracement level of the recent rally from the $0.1250 swing low to the $0.1992 high. Source: DOGEUSD on TradingView.com On the upside, the price is facing resistance near the $0.1980 level. The next major resistance is near the $0.20 level. A close above the $0.20 resistance might send the price toward the $0.2250 resistance. The next major resistance is near $0.2320. Any more gains might send the price toward the $0.250 level. Downside Correction in DOGE? If DOGE’s price fails to gain pace above the $0.20 level, it could start a downside correction. Initial support on the downside is near the $0.182 level. The next major support is near the $0.1620 level or the trend line. If there is a downside break below the $0.1620 support, the price could decline further. In the stated case, the price might decline toward the $0.1350 level. Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone. 4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now in the overbought zone. Major Support Levels – $0.1820, $0.1620 and $0.1350. Major Resistance Levels – $0.1980, $0.20, and $0.2250.
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