DOGE Price Prediction – Dogecoin Could Restart Rally If It Holds This Support
Dogecoin is correcting gains from the $0.230 zone against the US Dollar.
DOGE must stay above the $0.1750 support zone to start a fresh increase.
DOGE struggled to stay above $0.225 and corrected gains against the US dollar.
The price is trading above the $0.1750 level and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support at $0.2040 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could restart its increase unless there is a close below the $0.1750 support.
Dogecoin Price Approaches Key Support After a steady increase, Dogecoin price attempted more gains above the $0.230 zone.
However, DOGE struggled above $0.2250.
A high was formed at $0.2294 and the price started a downside correction, like Bitcoin and Ethereum.
There was a drop below the $0.2050 and $0.200 support levels.
The price dipped below the 23.6% Fib retracement level of the upward move from the $0.1228 swing low to the $0.2294 high.
Besides, there was a break below a key bullish trend line with support at $0.2040 on the 4-hour chart of the DOGE/USD pair.
However, Dogecoin is still above the $0.1750 level and the 100 simple moving average (4 hours).
Source: DOGEUSD on TradingView.com On the upside, the price is facing resistance near the $0.1950 level.
The next major resistance is near the $0.200 level.
A close above the $0.200 resistance might send the price toward the $0.2150 resistance.
The next major resistance is near $0.2300.
Any more gains might send the price toward the $0.2500 level.
More Downsides in DOGE? If DOGE’s price fails to gain pace above the $0.200 level, it could continue to move down.
Initial support on the downside is near the $0.1820 level.
The next major support is near the $0.1750 level or the 50% Fib retracement level of the upward move from the $0.1228 swing low to the $0.2294 high.
If there is a downside break below the $0.1750 support, the price could decline further.
In the stated case, the price might decline toward the $0.1480 level.
Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1820, $0.1750 and $0.1480.
Major Resistance Levels – $0.2000, $0.2150, and $0.2300….