Dogecoin, the cryptocurrency phenomenon, is once again breaking records. This time, it seems to be approaching another milestone - a pump to $0.12. After several turbulent months, Dogecoin is once again gaining prominence, with its value against the US dollar picking up pace above $0.085. This upward trend raises the question of whether DOGE can initiate a new rally and surpass further resistance levels on the way to $0.12.
Optimism with the Dogecoin
Originally created as a humorous parody of cryptocurrencies, Dogecoin has evolved into a staple of the digital currency market over time. Its community support and recent social media activities are once again encouraging investors. An analytical view of the current DOGE/USD situation shows positive signals above $0.085. The price is currently hovering above $0.0865 and above the 100-period simple moving average (4 hours), indicating a positive trend.
Charts and Predictions: What Do They Tell Us?
Looking at the 4-hour chart of DOGE/USD (data from Kraken), a breakthrough above the key contracting triangle with resistance at $0.0820 can be observed. This situation could foreshadow an extension of the recovery above resistance levels at $0.088 and $0.095. However, it should be noted that Dogecoin faces certain challenges, including resistance around the $0.0880 level. Another significant resistance lies at the $0.0920 level. Overcoming these levels could send the price towards resistance at $0.095 and even $0.10, which could be a preliminary step towards reaching the $0.12 target.
![](https://public.bnbstatic.com/image/pgc/202402/a2d3230268ccbd79357cb6c6c97d5ee5.png)
Correction and Risks
However, amidst this great euphoria, the possibility of a correction must be considered. If Dogecoin fails to maintain momentum above the $0.0880 level, it could signify the beginning of a downward correction. Support could emerge around the $0.0860 level, with further support at the $0.0840 level or 50% Fibonacci retracement level of the recent rise. In an extreme case, the price could drop as low as $0.0820.
Technical Indicators and Perspective
Technical indicators suggest a mixed picture. The 4-hour MACD for DOGE/USD is losing strength in the bullish zone, while the 4-hour RSI is above the 50 level, indicating some potential for further growth.
· Key support levels: $0.086, $0.084, and $0.082.
· Key resistance levels: $0.088, $0.092, and $0.10.
Conclusion: Dogecoin on the Path to $0.12?
While Dogecoin still faces certain challenges, including resistance at the $0.0880 level, it is clear that hopes for a new rally are strong. With community support and growing investor interest, Dogecoin could soon reach the $0.12 target. However, caution is advised, and the possibility of a correction should not be overlooked, especially in the turbulent cryptocurrency market environment.
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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“