StyleKandi
Dogecoin Rally Runs Into Massive Weekly Resistance: $0.005 Holds The Key

Dogecoin Rally Runs Into Massive Weekly Resistance: $0.005 Holds The Key

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.

Read More:  This Data Metric Shows Ethereum is at a Make or Break Price Level

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.

Read More:  Retail Investors are Flooding into Bitcoin as Likelihood of Explosive Rally Grows

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.

Technical Indicators

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.

Take benefit of the buying and selling alternatives with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose cash.

EditorialTeam

Add comment