Dogecoin Rally Intensifies: Eyes Set On Historic New Highs
07 Abril 2024 - 7:00AM
NEWSBTC
After a retracement from its current high of $0.22960, the price of
Dogecoin (DOGE) looks like it is not yet done as the memecoin
bounced back and moving toward its current high. Dogecoin Price
Technical Analysis Dogecoin is one of the few memecoins that have
captured the hearts of many crypto investors. Like Shiba Inu and
Pepecoin (PEPE), Dogecoin is backed up by a strong and exciting
community which has played a huge role in its success so far.
At the time of writing, the price of DOGE was trading around
$0.19713 and was up by over 5% in the last 24 hours. Also, the
price is currently trading above the 100-day moving average with
very strong bullish momentum in the 4-hour timeframe. The MACD
indicator in the 4-hour timeframe suggests an upward spike. This is
so because the MACD line and the MACD signal that was trending
below the zero line have both crossed, heading toward the MACD zero
line. If the MACD line and the MACD signal line manage to
cross above the MACD zero, Dogecoin might move higher to create a
new high. Meanwhile, the MACD histogram is already trending above
the zero line which suggests a bullish momentum. The Relative
Strength Index (RSI) on the 4-hour timeframe also indicates a
bullish momentum toward the upward direction as the RSI signal line
has crossed above the 50% level and is heading towards the
overbought zone. According to the RSI indicator, the strength of
the upward movement is still very strong as buyers are still very
active in the market. Potential Retracement On The Downside Given
the price’s previous surge, two major resistance levels and one
major support level were created around $0.22960, $0.2244, and
$0.19622 respectively. If the price of DOGE manages to move above
the resistance level of $0.22441 level, it might move even further
upward toward the resistance level of $0.22960. At this
point, if the price succeeds in breaking above this level, the
price might surge higher to create a new high. On the other hand,
if the price fails to break above this resistance level, the price
might start a new downward movement toward its previous support
level of $0.19622. However, a breakout below the $0.19622 level
could trigger a new downward trend. Featured image from iStock,
chart from Tradingview.com
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