🚀🚀🚀 $DOGE Price Prediction – Dogecoin Could Restart Rally If It Holds This Support
Dogecoin is currently undergoing a correction phase after its recent rally from the $0.230 zone against the US Dollar. To maintain #bullish momentum, DOGE needs to hold above the crucial support level at $0.1750.
Initially, Dogecoin struggled to sustain its position above the $0.225 mark and began retracing against the US dollar. The price is currently trading above the $0.1750 support level and the 100 simple moving average on the 4-hour chart sourced from Kraken. Notably, there was a significant breach of a key bullish trend line with support around $0.2040.
Despite the correction, Dogecoin remains above the pivotal $0.1750 level and the 100 SMA, indicating potential support. On the upside, the immediate resistance lies near $0.1950, followed by a major hurdle at $0.200. A breakthrough above $0.200 could propel the price towards the $0.2150 resistance level, with further upside targets near $0.2300 and $0.2500.
However, failure to surpass the $0.200 resistance level might lead to continued downward movement. In such a scenario, the initial support lies around $0.1820. If this support is breached, the next significant level to watch is $0.1750 or the 50% Fibonacci retracement level from the recent swing low to high. Further downside momentum could drive the price towards the $0.1480 support zone.
Analyzing the technical indicators, the 4-hour MACD for DOGE/USD is showing increasing momentum in the bearish zone, while the 4-hour RSI is now below the 50 level, signaling potential downside pressure.
- Key Support Levels: $0.1820, $0.1750, $0.1480
- Key Resistance Levels: $0.2000, $0.2150, $0.2300
Source - newsbtc.com