Key Takeaways:
- Dogecoin price is rising above the $0.090 resistance.
- DOGE trades above a major ascending channel with support near $0.092 on the 4-hour chart.
- The price could surge further if it clears the $0.0955 resistance region.
Dogecoin Price Prediction | Photo by Kanchanara on Unsplash
DOGE is gaining pace above the $0.090 zone. Dogecoin price is approaching an important juncture and might rally further to $0.10.
Dogecoin Price Eyes Additional Gains
After forming a base above the $0.080 level, the DOGE price increased rapidly against the US dollar. Finally, the price cleared the $0.086 resistance to move into a positive zone.
The recent increase in Ethereum and Cardano sparked bullish moves in DOGE and SOL. The bulls were able to pump Dogecoin’s price above the $0.088 and $0.090 resistance levels. In addition, there was a clear move above the 50% Fib retracement level of the downward move from the $0.1046 swing high to the $0.0803 low.
Dogecoin price 4-hours chart | Source: DOGEUSD on TradingView.com
It trades comfortably above the $0.090 level and well above the 50 simple moving average (blue, 4 hours). Immediate resistance on the upside is near the $0.0955 level.
The 61.8% Fib retracement level of the downward move from the $0.1046 swing high to the $0.0803 low is also near the $0.0955 zone to act as a barrier. A clear move above the $0.0955 resistance could start another rally.
The next major resistance could be near the $0.100 zone, above which DOGE might revisit the $0.1040 zone. After that, more gains might send the price toward the $0.1150 resistance.
Conversely, the DOGE price might fail to clear the $0.095 and $0.0955 resistance levels. Immediate support on the downside is near the $0.0920 level. A major ascending channel is forming with support near $0.092 on the 4-hour chart.
A downside break below the channel support might send the price toward $0.086 and the 50 simple moving average (blue, 4 hours). The next major support is near $0.085, below which the price might gain bearish momentum toward $0.080. Finally, any more losses could open the doors for a move toward the crucial support at $0.0765, where the bulls might appear.
Overall, DOGE seems to be rising steadily and approaching a major hurdle near $0.0955. If Dogecoin’s price clears the $0.0955 resistance zone, it could start another steady increase. Conversely, there could be a fresh decline toward the $0.0860 support.
