Dogecoin (DOGE) Momentum Seems Unstoppable: How High Can It Go?

Bitcoin

Dogecoin

Shiba Inu

NewsBTCNov 14, 2024 5:47 AM

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.

Reviewed byTony

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