Dogecoin Price Pumps To $0.20, Can DOGE Bulls Send It To $0.25

2024-03-04 20:48:28

Dogecoin is up over 100% against the US Dollar. DOGE rallied toward the $0.20 resistance and might continue to rise toward the $0.225 resistance.

DOGE extended its rally above the $0.150 resistance against the US dollar.
The price is trading above the $0.180 level and the 100 simple moving average (4 hours).
There is a connecting bullish trend line forming with support at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could extend its rally above the $0.200 and $0.2120 resistance levels.

Dogecoin Price Surges Over 100%

In the past few sessions, Dogecoin price started a strong increase above the $0.10 resistance. DOGE cleared many hurdles near $0.1250 to enter a positive zone.

It even broke the $0.150 resistance and outperformed Bitcoin and Ethereum. It is up over 100% in a few sessions and traded close to the $0.20 resistance. A new multi-week high was formed near $0.992 and the price is now correcting gains.

The price is well above the 23.6% Fib retracement level of the recent rally from the $0.1250 swing low to the $0.1992 high. DOGE is also trading above the $0.180 level and the 100 simple moving average (4 hours).

There is also a connecting bullish trend line forming with support at $0.1620 on the 4-hour chart of the DOGE/USD pair. The trend line is near the 50% Fib retracement level of the recent rally from the $0.1250 swing low to the $0.1992 high.

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.1980 level. The next major resistance is near the $0.20 level. A close above the $0.20 resistance might send the price toward the $0.2250 resistance. The next major resistance is near $0.2320. Any more gains might send the price toward the $0.250 level.

Downside Correction in DOGE?

If DOGE’s price fails to gain pace above the $0.20 level, it could start a downside correction. Initial support on the downside is near the $0.182 level.

The next major support is near the $0.1620 level or the trend line. If there is a downside break below the $0.1620 support, the price could decline further. In the stated case, the price might decline toward the $0.1350 level.

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 in the overbought zone.

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

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

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