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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Dogecoin (DOGE) Eyes Upside, Yet $0.20 Remains Out of Reach for Now

Aayush Jindal
Aayush Jindal
1 month ago
2 mins read
Dogecoin (DOGE) Eyes Upside

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Dogecoin started a fresh increase above the $0.1550 zone against the US Dollar. DOGE is now consolidating and might aim for a move above $0.1680.

  • DOGE price started a fresh increase above the $0.150 and $0.1550 levels.
  • The price is trading above the $0.160 level and the 100-hourly simple moving average.
  • There is a key rising channel forming with resistance at $0.1680 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start a fresh decline if it stays below the $0.180 zone.

Dogecoin Price Faces Resistance

Dogecoin price started a fresh increase above the $0.1420 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.150 and $0.1550 resistance levels.

The bulls even pushed the price above the $0.1620 resistance. A high was formed at $0.1677 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1427 swing low to the $0.1677 high.

Dogecoin price is now trading above the $0.160 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1680 level. There is also a key rising channel forming with resistance at $0.1680 on the hourly chart of the DOGE/USD pair.

Dogecoin Price
Source: DOGEUSD on TradingView.com

The first major resistance for the bulls could be near the $0.1720 level. The next major resistance is near the $0.1750 level. A close above the $0.1750 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.200 level. The next major stop for the bulls might be $0.2120.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1680 level, it could start another decline. Initial support on the downside is near the $0.1620 level. The next major support is near the $0.1550 level and the 50% Fib retracement level of the upward move from the $0.1427 swing low to the $0.1677 high.

The main support sits at $0.1550. If there is a downside break below the $0.1550 support, the price could decline further. In the stated case, the price might decline toward the $0.1420 level or even $0.1350 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1620 and $0.1550.

Major Resistance Levels – $0.1680 and $0.1800.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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