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Recently, Dogecoin has shown a significant increase against the dollar, gaining over 33% in value. With this rise, DOGE has surpassed the $0.120 resistance level and has started moving towards the $0.132 resistance. At this stage, DOGE investors had been in anticipation for a long time. Now, with the recent increase, smiles are somewhat brighter. So, what can be expected for DOGE?
Dogecoin (DOGE) on the Rise
Over the past few days, the cryptocurrency Dogecoin has moved strongly upwards from the $0.080 support zone. Notably, DOGE managed to enter a positive region by overcoming the resistance level around $0.0850.
On the 4-hour chart of the DOGE/USD pair, there was a breakout above a significant contracting triangle. This breakout occurred with the overcoming of the $0.0845 resistance and was followed by surpassing the $0.100 resistance. As a result, Dogecoin’s price showed an increase of over 33% and is currently trading above $0.127.
However, following this rise, prices entered a correction phase. The last peak occurred around $0.1282, and prices are currently correcting their gains. In this correction phase, we observe that the price is trading well above the 23.6% Fibonacci retracement level.
What Levels Can Be Expected for DOGE?
From a technical perspective, the cryptocurrency DOGE is trading above the $0.1220 level and the 100 simple moving average. However, there are resistance levels such as $0.1280 and $0.1320 upwards. If the $0.1320 resistance is overcome, it is anticipated that the price could gain momentum towards the $0.1450 resistance.
On the other hand, a downward correction could be observed. If DOGE fails to gain speed above the $0.1280 level, a pullback towards the $0.120 support zone could occur. Subsequently, support levels such as $0.1065 and $0.100 will become important. Looking at the technical indicators, we see that the 4-hour MACD is gaining momentum in the bullish zone and the 4-hour RSI is in the overbought region.
Although the meme coin leader Dogecoin is currently on an upward trend, correction movements could be seen in the near term. There is potential for the price to rise further if resistance levels like $0.1280 and $0.1320 are breached. However, if it falls below support levels such as $0.120 and $0.1065, the downward trend could intensify. The cryptocurrency DOGE was trading at $0.127 at the time of writing this article.
