Dogecoin (DOGE) Momentum Seems Unstoppable: How High Can It Go?
14 November 2024 - 5:58AM
NEWSBTC
Dogecoin started a fresh surge above the $0.320 resistance against
the US Dollar. DOGE is holding gains and eyeing more upsides above
$0.4180. DOGE price started a fresh rally like Bitcoin and climbed
above the $0.350 resistance level. The price is trading above the
$0.3650 level and the 100-hourly simple moving average. There is a
key bullish trend line forming with support at $0.3870 on the
hourly chart of the DOGE/USD pair (data source from Kraken). The
price could continue to rally if it clears the $0.400 and $0.4150
resistance levels. Dogecoin Price Eyes Fresh Surge Dogecoin price
started a fresh surge after it cleared the $0.320 resistance like
Bitcoin and Ethereum. DOGE was able to gain pace for a move above
the $0.3800 and $0.400 resistance levels. The pair even surged
above $0.4200. A high was formed at $0.4342 and the price is now
correcting gains. There was a move below the $0.40 level. The price
dipped below the 50% Fib retracement level of the upward move from
the $0.3519 swing low to the $0.4342 high. However, the bulls are
active near the $0.3850 zone. Dogecoin price is now trading above
the $0.3650 level and the 100-hourly simple moving average. There
is also a key bullish trend line forming with support at $0.3870 on
the hourly chart of the DOGE/USD pair. The trend line is close to
the 61.8% Fib retracement level of the upward move from the $0.3519
swing low to the $0.4342 high. Immediate resistance on the upside
is near the $0.400 level. The next major resistance is near the
$0.4150 level. A close above the $0.4150 resistance might send the
price toward the $0.4320 resistance. Any more gains might send the
price toward the $0.4500 level. The next major stop for the bulls
might be $0.4650. Are Dips Supported In DOGE? If DOGE’s price fails
to climb above the $0.4150 level, it could start a downside
correction. Initial support on the downside is near the $0.3870
level and the trend line. The next major support is near the
$0.3715 level. The main support sits at $0.3420. If there is a
downside break below the $0.3420 support, the price could decline
further. In the stated case, the price might decline toward the
$0.3150 level or even $0.300 in the near term. Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
DOGE/USD is now above the 50 level. Major Support Levels – $0.3870
and $0.3715. Major Resistance Levels – $0.4000 and $0.4150.
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