Dogecoin rallied this week from the $0.0022 assist space and gained over 100% in opposition to the US Dollar. DOGE is at present dealing with a powerful resistance close to $0.0500 on the weekly chart.
- Dogecoin worth gained closely prior to now few periods and rallied greater than 100% in opposition to the US greenback.
- The worth spiked above the $0.0500 resistance, nevertheless it did not settle and trimmed positive aspects.
- Earlier, there was a break above a connecting bearish pattern line with resistance close to $0.0025 on the weekly chart of the DOGE/USDT pair (information supply from Binance).
- The pair is at present down greater than 40% from the native excessive and a large weekly resistance.
Dogecoin Rally Facing Hurdles Near $0.005
In the previous few days, there was a powerful assist base fashioned by dogecoin above $0.0020 in opposition to the US Dollar. DOGE broke a few vital hurdles close to the $0.00250 stage to begin a powerful rally.
There was a break above a connecting bearish pattern line with resistance close to $0.0025 on the weekly chart of the DOGE/USDT pair. It opened the doorways for a pointy improve and the pair rallied greater than 100%.
It broke the $0.0040 resistance and settled properly above the 100-week easy transferring common. It even spiked above the $0.00450 and $0.0050 resistance stage (outpaced different main cryptocurrencies, together with bitcoin and Ethereum).
Dogecoin worth rallies considerably. Source: TradingView.com
A brand new month-to-month excessive is fashioned close to $0.0055 and the worth is at present trimming positive aspects. It looks like the bulls are dealing with a powerful resistance close to the $0.0050 weekly hurdle. It corrected beneath the 23.6% Fib retracement stage of the latest rally from the $0.0011 swing low to $0.0055 excessive.
If there’s a weekly shut above the $0.0050 resistance stage, there are possibilities of a sustained upward transfer. The subsequent main resistance is seen close to the $0.0055 and $0.0058 ranges, adopted by $0.0062.
Dips Supported in DOGE
If DOGE worth corrects decrease, it’s prone to stay supported close to the $0.0040 stage. The subsequent main assist is close to the $0.0034 stage (the latest breakout zone) or the 50% Fib retracement stage of the latest rally from the $0.0011 swing low to $0.0055 excessive.
Any additional losses might maybe put strain on the bulls and the worth might retreat in direction of the $0.0025 stage within the coming days.
Weekly MACD – The MACD for DOGE/USDT is gaining momentum within the bullish zone.
Weekly RSI (Relative Strength Index) – The RSI for DOGE/USDT is rising and it’s approaching the 85 stage.
Major Support Levels – $0.0040, $0.0034 and $0.0025.
Major Resistance Levels – $0.0045, $0.0050 and $0.0055.
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