Dogecoin is exhibiting bullish indicators above the $0.0875 threshold against the US Dollar, suggesting a potential extension of its upward momentum towards the $0.100 resistance in the short term.
DOGE is displaying optimistic signals above the $0.0875 mark against the US dollar.
The current price is above both the $0.0880 level and the 100 simple moving average (4 hours).
A significant breakthrough occurred above a crucial contracting triangle, where resistance was set at $0.0842, as depicted on the 4-hour chart of the DOGE/USD pair (data sourced from Kraken).
There is a possibility that the price might continue its upward trend beyond the $0.090 and $0.092 resistance thresholds.
Dogecoin Price Targets Upside Movement.
In recent sessions, Dogecoin’s price has initiated a notable uptick from the $0.082 support area. DOGE successfully surpassed several obstacles around $0.0850, marking its entry into a positive trend.
A crucial development occurred with the breach of a significant contracting triangle, where resistance stood at $0.0842, as observed on the 4-hour chart of the DOGE/USD pair. Furthermore, it managed to surpass the $0.0880 resistance, aligning its trajectory with the positive movements of Bitcoin and Ethereum. The price peaked at around $0.0914, but is currently undergoing a corrective phase.
The correction includes a dip below the 23.6% Fibonacci retracement level of the recent upswing from the $0.0820 low to the $0.0914 high. Despite this, DOGE remains above the $0.0875 level and the 100 simple moving average (4 hours).
![](https://sollcrypto.com/wp-content/uploads/2024/02/Screen-Shot-2024-02-20-at-8.42.40-AM.png)
Facing upward, the price encounters resistance around the $0.0892 mark, with the subsequent significant hurdle lying near $0.0915. A breakthrough above the $0.0915 resistance could propel the price towards the $0.095 level. Further advancement may then target the next substantial resistance at $0.100, and sustained gains could potentially drive the price towards the $0.120 level.
Is DOGE Prone to Downside Correction?
If the price of DOGE struggles to gain momentum above the $0.0915 level, it may initiate a downward correction. Initial support on the downside is anticipated near the $0.0865 level.
The subsequent significant support lies in the vicinity of the $0.0855 level or the 61.8% Fibonacci retracement level of the recent upswing from the $0.0820 swing low to the $0.0914 high. A breach below the $0.0855 support could lead to further decline. In such a scenario, the price might descend towards the $0.0820 level.
Analyzing the technical indicators:
- The 4-hour MACD for DOGE/USD is currently losing bullish momentum.
- The 4-hour RSI (Relative Strength Index) for DOGE/USD is positioned above the 50 level.
Key Support Levels:
- $0.0865
- $0.0855
- $0.0820
Key Resistance Levels:
- $0.0915
- $0.095
- $0.10