DOGECOIN CHART ANALYSIS ON 4 Hr TIME FRAME 🚀🚀🚀
After a retracement from its current high of $0.2288, the price of Dogecoin (DOGE) looks like it is not yet done as the memecoin bounced back and is moving toward its current high.
📈 #Dogecoin Price Technical Analysis
📌 At the time of writing, the price of DOGE was trading around $0.1989 and was up by over 7% in the last 24 hours. Also, the price is currently trading above the 100DMA with very strong bullish momentum in the 4Hr timeframe.
📌 The MACD indicator in the 4Hr timeframe suggests an upward spike. This is so because the MACD line & the MACD signal that was trending below the zero line have both crossed, heading towards the MACD zero line.
If the MACD line & the MACD signal line manage to cross above the MACD zero, Doge might move higher to create a new high in this upcoming rally. Meanwhile, the MACD histogram is trending above the zero line which suggests a bullish momentum.
📌 The Relative Strength Index (RSI) on the 4Hr timeframe also indicates a bullish momentum toward the upward direction as the RSI signal line has crossed above the 50% level and is heading towards the overbought zone. According to the RSI indicator, the strength of the upward movement is still very strong as buyers are still very active in the market.
📈 Support/Resistance Levels
📌 Given the price’s previous surge, two major resistance levels and one major support level were created around $0.22, $0.20, and $0.19 respectively. If the price of DOGE manages to move above the resistance level of $0.20, it might move even further and break $0.2288.
On the other hand, if the price fails to break above this resistance level, the price might start a new downward movement toward its previous support level of $0.190. However, a breakout below the $0.190 level could trigger a new downward trend which doesn't look evident.
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