Charted: Dogecoin (DOGE) Beats Bitcoin, Why It Could Test $0.5

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Dogecoin extended its rally above the $0.4000 resistance against the US Dollar. DOGE tested the $0.4500 zone and it is likely to continue higher in the near term.

  • DOGE gained bullish momentum above the $0.3500 and $0.4000 resistance levels against the US dollar.
  • The price is trading nicely above the $0.3000 support and the 100 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $0.3600 on the 4-hours chart of the DOGE/USD pair (data source from Bitfinex).
  • The pair is correcting gains, but dips are likely to remain limited below $0.3500.

Dogecoin Rallies To $0.45

After forming a base above the $0.2800 and $0.3000 levels, dogecoin started a fresh rally. It broke many important hurdles near the $0.3500 and $0.3550 levels, outperforming bitcoin.

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DOGE rallied above the $0.4000 barrier and settled above the 100 simple moving average (4-hours). It tested the $0.4500 resistance zone and a high is formed near $0.4512. The price is now correcting gains and trading below the $0.4400 level.

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It spiked below the $0.4200 support zone. There was a break below the 23.6% Fib retracement level of the recent rally from the $0.2971 swing low to $0.4512 high.

Source: DOGEUSD on TradingView.com

On the downside, an initial support is near the $0.4000 level. The next major support is seen near the $0.3750 level. It is close to the 50% Fib retracement level of the recent rally from the $0.2971 swing low to $0.4512 high.

The main support is forming near the $0.3600 and $0.3500 levels. There is also a crucial bullish trend line forming with support near $0.3600 on the 4-hours chart of the DOGE/USD pair. Any more losses could open the doors for a move towards the $0.3000 level.

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More Upsides in DOGE

If DOGE price remains stable above the $0.4000 support or the trend line, there are chances of more upsides. An initial resistance on the upside is near the $0.4350 level.

The first major resistance is near the $0.4500 level. Any more gains and a clear close above $0.4500 could set the pace for a rise towards the $0.5000 resistance zone.

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 above the 50 level.

Major Support Levels – $0.4000, $0.3750 and $0.3600.

Major Resistance Levels – $0.4350, $0.4500 and $0.5000.

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Author: Aayush Jindal


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