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Dogecoin Price (DOGE) Jumps 10% – Here’s Why The Bulls Could Aim $0.085

26.07.2023
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Dogecoin (DOGE) is bullish, trading above the $0.072 resistance against the US dollar. The price is well above the $0.075 zone and the 100 simple moving average on the 4-hours chart. A major bullish trend line is forming with support near $0.0725.

The recent rally saw DOGE clearing the $0.072 and $0.0725 resistance levels, outperforming Bitcoin and Ethereum with over a 10% increase. The price reached a high near $0.0780 and is now consolidating gains.

DOGE remains well above the $0.0725 zone and the 100 simple moving average on the 4-hours chart. The bullish trend line also adds to the support at around $0.0725. The pair is trading above the 23.6% Fibonacci retracement level of the recent rally from the $0.0695 swing low to the $0.0780 high.

The price faces resistance near the $0.0780 level, with the first major resistance at around $0.080. A close above this level could push the price toward the $0.0820 resistance, followed by the next major resistance at approximately $0.0832. Further gains might lead the price toward $0.085.

On the other hand, if the price fails to gain momentum above $0.0780, it might start a downside correction. Initial support on the downside is at about the $0.0760 level. The next significant support lies around $0.0725 and the bullish trend line. A break below this level could lead to a further decline towards $0.070.

As for technical indicators, the 4-hour MACD is gaining momentum in the bullish zone, while the RSI is above the 50 level, indicating positive sentiment.

Overall, Dogecoin’s current price action indicates a bullish trend. If it continues to maintain its momentum, the price may extend its increase above $0.080 and potentially reach higher levels in the near future. However, traders should know potential support and resistance levels to make informed decisions.

The post Dogecoin Price (DOGE) Jumps 10% – Here’s Why The Bulls Could Aim $0.085 appeared first on BitcoinWorld.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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