NewsBTC
11 November 2024
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Dogecoin Price Surges Over 50% After Breaking $0.220 Resistance

Dogecoin (DOGE) has initiated a surge, surpassing the $0.220 resistance against the US Dollar, with an increase of over 50% and potential for further gains.

  • DOGE price began a rally similar to Bitcoin, climbing above the $0.220 resistance level.
  • The price trades above $0.2800 and the 100-hourly simple moving average.
  • A key bullish trend line is forming with support at $0.280 on the hourly chart for the DOGE/USD pair (data source from Kraken).
  • Further rallies may occur if it clears the $0.3050 and $0.3120 resistance levels.

Dogecoin Price Eyes More Gains

After reclaiming the $0.200 resistance, Dogecoin mirrored movements seen in Bitcoin and Ethereum, gaining momentum above the $0.2200 and $0.250 resistance levels.

The price reached a high of $0.3036 and is consolidating above the 23.6% Fibonacci retracement level of the upward move from the $0.2013 swing low to the $0.3036 high. The bullish trend line supports at $0.280 on the hourly chart.

DOGE is trading above the $0.2880 level and the 100-hourly simple moving average. Immediate resistance is near the $0.300 level, with the next major resistance at $0.3050.

Dogecoin Price

A close above $0.3050 could propel the price toward the $0.3120 resistance, with potential further gains towards $0.34500. The next significant target for bulls may be $0.350.

Are Dips Limited In DOGE?

If DOGE fails to rise above $0.3050, a downside correction may occur. Initial support is near $0.280 and the trend line, with significant support at $0.2680.

The primary support level is at $0.2550 or the 50% Fibonacci retracement level of the upward move from the $0.2013 swing low to the $0.3036 high. A break below $0.2550 could lead to declines towards $0.2420 or even $0.2350.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is above the 50 level.

Major Support Levels – $0.280 and $0.2680.

Major Resistance Levels – $0.3000 and $0.3050.