Dogecoin Price Prediction: Fresh Rally Likely If DOGE Holds This Support

Dogecoin Price Prediction: Fresh Rally Likely If DOGE Holds This Support

Category • Technical analysis| |Published • 2022-11-28 11:20:05

Dogecoin rallied towards the $0.108 level against the US Dollar. DOGE is correcting gains and approaching a major support at $0.090.

  • DOGE started a downside correction from the $0.1080 resistance against the US dollar.
  • The price is trading well above the $0.0850 zone and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.090 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
  • The pair must stay above the $0.088 support zone to start a fresh rally.

Dogecoin Price Aims Fresh Increase

In the past few days, dogecoin saw a major increase above the $0.0850 resistance zone. DOGE climbed above the $0.0920 and $0.0950 resistance levels, outpacing bitcoin and ethereum.

The price even jumped above the $0.100 resistance and settled above the 100 simple moving average (4-hours). However, the bears took a stand near the $0.1080 resistance zone. A high was formed near $0.1077 and the price started a downside correction.

Doge price corrected lower below the $0.100 support. There was a move below the 23.6% Fib retracement level of the upward move from the $0.0713 swing low to $0.1077 high.

It is now trading well above the $0.0850 zone and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.090 on the 4-hours chart of the DOGE/USD pair. On the upside, the price is facing resistance near the $0.0980 level.

Dogecoin Price Prediction

Source: DOGEUSD on TradingView.com

The first major resistance is near the $0.1000 level. Any more gains above the $0.1000 zone could encourage the bulls to aim a retest of $0.1080. If they push the price above $0.1080, there could be a rally towards the $0.120 level.

More Losses in DOGE?

If DOGE price fails to gain pace above the $0.10 level, it could continue to move down. An initial support on the downside is near the $0.0920 level.

The next major support is near the $0.090 level and the trend line. If there is a downside break below the $0.0960 support, the price could decline further. The main support is near the $0.0850 level. Any more losses could open the doors for a move towards the $0.0780 level.

Technical Indicators

4-Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0900, $0.0880 and $0.0850.

Major Resistance Levels – $0.0980, $0.1000 and $0.1080.