Dogecoin started a fresh increase from the $0.2500 support against the US Dollar. DOGE is rising and the bulls seem to be eyeing an upside break above the $0.3500 resistance
- DOGE is holding the ground above the $0.3000 and $0.2800 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 major bullish trend line forming with support near $0.2950 on the 4-hours chart of the DOGE/USD pair (data source from Bitfinex).
- The pair could start a strong rally once it clears the $0.3350 and $0.3500 resistance levels.
Dogecoin Eyes Fresh Surge
After forming a base above the $0.2000 and $0.2200 levels, dogecoin started a steady increase, similar to ethereum and unlike bitcoin. It broke many important hurdles near the $0.3000 level.
DOGE even settled above the $0.3000 support and the 100 simple moving average (4-hours). It spiked towards the $0.3500 level, where the bears took a stand. A high was formed near $0.3455 before the price started a downside correction.
There was a break below the $0.3200 support zone. The price declined below the 23.6% Fib retracement level of the recent surge from the $0.2562 swing low to $0.3455 high.
Source: DOGEUSD on TradingView.com
However, the bulls remained active near the $0.3000 support zone. It also found support near the 50% Fib retracement level of the recent surge from the $0.2562 swing low to $0.3455 high. More importantly, there is a major bullish trend line forming with support near $0.2950 on the 4-hours chart of the DOGE/USD pair.
The price is rising and an immediate resistance is near the $0.3320 level. The main resistance is still near the $0.3500 level. A successful break above the $0.3500 level could lead the price towards the $0.4000 level in the near term.
Dips Supported in DOGE
If DOGE price fails to continue higher above $0.3320 or $0.3500, there could be a fresh decline. The first key support is near the $0.3200 level.
The next major support is near the $0.3000 level and the bullish trend line. Any more losses may perhaps open the doors for a move towards the $0.2500 support 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 – $0.3200, $0.3000 and $0.2500.
Major Resistance Levels – $0.3320, $0.3500 and $0.4000.
by Aayush Jindal on April 29, 2021 at 12:38PM
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