Dogecoin, the popular cryptocurrency, has seen a surge in value, surpassing the $0.085 mark against the US Dollar. As it continues to show positive signs, DOGE may be poised to initiate a fresh rally, breaking through key resistance levels at $0.088 and $0.095.
In recent trading sessions, Dogecoin’s price has experienced a significant uptick from the $0.080 support zone, successfully clearing multiple obstacles around $0.0820. This momentum has propelled DOGE into a positive zone, showcasing resilience against Bitcoin and Ethereum’s upward movements. The price is currently consolidating gains, supported by trading above the 23.6% Fib retracement level and the 100 simple moving average (4 hours).
On the upside, DOGE is encountering resistance near the $0.0880 level, with further barriers at $0.0920 and $0.095. Nevertheless, if the coin manages to break above the $0.0920 resistance, it could potentially surge towards the $0.100 mark, and even surpass the $0.120 level in the long run.
However, if DOGE fails to sustain its upward momentum and faces a downside correction, initial support is expected near the $0.0860 level, followed by the $0.0840 level. A break below $0.0840 could lead to further decline towards the $0.0820 level.
From a technical perspective, the MACD for DOGE/USD is showing signs of losing momentum in the bullish zone, while the RSI is currently above the 50 level, indicating a positive trend.
Overall, as with any investment, it is crucial to conduct thorough research and due diligence before making any financial decisions. The information provided here is for educational purposes only and should not be considered as financial advice. Investing in cryptocurrencies carries inherent risks, and individuals should use this information at their own discretion and risk.
