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Dogecoin is up over 100% in opposition to the US Dollar. DOGE rallied towards the $0.20 resistance and may proceed to rise towards the $0.225 resistance.

• DOGE prolonged its rally above the $0.150 resistance in opposition to the US greenback.
• The worth is buying and selling above the $0.180 stage and the 100 easy transferring common (4 hours).
• There is a connecting bullish development line forming with assist at $0.1620 on the 4-hour chart of the DOGE/USD pair (information supply from Kraken).
• The worth may lengthen its rally above the $0.200 and $0.2120 resistance ranges.

Dogecoin Price Surges Over 100%

In the previous few classes, Dogecoin worth began a strong increase above the $0.10 resistance. DOGE cleared many hurdles close to $0.1250 to enter a optimistic zone.

It even broke the $0.150 resistance and outperformed Bitcoin and Ethereum. It is up over 100% in just a few classes and traded near the $0.20 resistance. A brand new multi-week excessive was fashioned close to $0.992 and the worth is now correcting good points.

The worth is effectively above the 23.6% Fib retracement stage of the latest rally from the $0.1250 swing low to the $0.1992 excessive. DOGE can be buying and selling above the $0.180 stage and the 100 easy transferring common (4 hours).

There can be a connecting bullish development line forming with assist at $0.1620 on the 4-hour chart of the DOGE/USD pair. The development line is close to the 50% Fib retracement stage of the latest rally from the $0.1250 swing low to the $0.1992 excessive.

Source: DOGEUSD on TradingView.com

On the upside, the worth is going through resistance close to the $0.1980 stage. The subsequent main resistance is close to the $0.20 stage. An in depth above the $0.20 resistance may ship the worth towards the $0.2250 resistance. The subsequent main resistance is close to $0.2320. Any extra good points may ship the worth towards the $0.250 stage.

Downside Correction in DOGE?

If DOGE’s worth fails to realize tempo above the $0.20 stage, it may begin a draw back correction. Initial assist on the draw back is close to the $0.182 stage.

The subsequent main assist is close to the $0.1620 stage or the development line. If there’s a draw back break under the $0.1620 assist, the worth may decline additional. In the acknowledged case, the worth may decline towards the $0.1350 stage.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum within the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now within the overbought zone.

Major Support Levels – $0.1820, $0.1620 and $0.1350.

Major Resistance Levels – $0.1980, $0.20, and $0.2250.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site totally at your individual danger.