Dogecoin Price Rises Again

Dogecoin started a fresh increase from the $0.0985 support against the US Dollar. DOGE could gain pace if it clears the $0.1085 resistance.

Dogecoin (DOGE) price gained bids on Thursday after finding support near a crucial Fibonacci retracement level. The meme-coin price showed a solid recovery from the $0.0985 lows and began a new increase.

Key technical points:

Dogecoin price shows a bullish breakout from the $0.1030 resistance level.

The 200-day EMA provides strong support to the DOGE bulls.

The intraday trading volume in the Dogecoin coin is $1.3 Billion, indicating a gain of 6.3%.

Past Performance of DOGE

DOGE price showcased a V-shaped recovery from the crucial support zone at $0.0985, forming a double bottom pattern in the 4-hour time frame chart. As a result, the meme-coin price rallied 7.5% and breached the overhead resistance at $0.1030.

At press time, the DOGE coin price trades at the $0.1043 mark. The recent recovery from the Fibonacci retracement levels and the 200-day EMA instills a bullish outlook for the upcoming sessions.

Coming to the technical indicators, the Relative Strength Index (RSI) slope rises within the bullish territory, reflecting the increasing buying pressure. Moreover, the Moving Average Convergence Divergence (MACD) indicator lines maintain a bullish alignment above the signal line.

DOGE Technical Analysis

DOGE price shows a bullish breakout from the overhead resistance and the descending trend line in the 4-hour time frame chart. This breakout adds bullish points to the double bottom pattern formed at the $0.0985 support.

The 200-day EMA provides strong support to the DOGE bulls, preventing further跌势 from the $0.1030 breakout level. Moreover, the traders can expect another leg up if the meme-coin price sustains above the 200-day EMA.

On the other hand, the breakout from the descending trend line and the Fib retracement levels might face resistance from the 50-day EMA, currently trading at the $0.1060 mark.

Upcoming Trend

If the DOGE price shows another bullish breakout from the 50-day EMA, the meme-coin price will rally towards the next resistance at $0.1150. Moreover, the breakout from this resistance will lead to a bullish continuation towards the $0.1200 mark.

Contrarily, if the DOGE price fails to climb above the 50-day EMA, it could start another decline. Initial support on the downside is near the $0.1030 level and the same trend line. The next major support is near the $0.1020 level.

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