Dogecoin Price Prediction: Doge Rally Faded But Not Likely Over

Dogecoin rallied over 25% and cleared the $0.090 resistance against the US Dollar. DOGE is correcting gains and might find fresh bids near the $0.088 support. DOGE gained pace and traded above the $0.090 resistance against the US dollar. The price is trading well above the $0.085 zone and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.094 on the 4-hours chart of the DOGE/USD pair (data source from Kraken). The pair could start a fresh increase if there is a clear move above $0.0940. Dogecoin Price Trims Gains After Twitter’s logo change, Dogecoin’s price saw a strong upward move from the $0.0750 support. DOGE outperformed Bitcoin and Ethereum. It rallied over 25% and cleared many hurdles near $0.0850. The bulls were able to pump the price above the $0.090 resistance. Finally, the price spiked above $0.10 and traded to a new monthly high at $0.1051. Recently, there was a downside correction below the $0.1000 level. DOGE’s price declined below the $0.095 level. The price tested the 50% Fib retracement level of the recent rally from the $0.0765 swing low to the $0.1051 high. It is now consolidating gains well above the $0.085 zone and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0940 level. There is also a key bearish trend line forming with resistance near $0.094 on the 4-hours chart of the DOGE/USD pair. Source: DOGEUSD on TradingView.com The first major resistance is near the $0.095 level. A clear move above the $0.095 resistance might send the price toward the $0.100 resistance. Any more gains might send the price toward the $0.105 level. A clear move above the $0.105 resistance could open the gates for an increase toward the $0.12 level. Dips Supported in DOGE? If DOGE’s price fails to gain pace above the $0.095 level, it could continue to move down. Initial support on the downside is near the $0.0905 level. The next major support is near the $0.085 level or the 76.4% Fib retracement level of the recent rally from the $0.0765 swing low to the $0.1051 high. If there is a downside break below the $0.085 support, the price could decline further. In the stated case, the price might decline toward the $0.075 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 – $0.090, $0.085, and $0.075. Major Resistance Levels – $0.0940, $0.0950, and $0.100.