Dogecoin (Doge) Is in a Vertical Rally, Further Upside Is Unlikely


Key Resistance Levels: $0.45, $0.46, $0.47
Key Support Levels: $0.25, $0.20,$0.15

DOGE/USD Long-term Trend: Bullish
Dogecoin’s (DOGE) price has rebounded above the $0.22 support. The rebound has broken above the moving averages. The vertical rally has breached the previous resistance levels. The current bullish momentum has extended to the previous price of $0.34 high. DOGE price is retesting the $0.34 high to break above it. DOGE/USD will rally to $0.40 high if the bulls breach the recent high.

DOGE/USD – Daily Chart

Daily Chart Indicators Reading:
The vertical rally has pushed DOGE price to reach level 71 of the Relative Strength Index period 14. The implication is that the market has reached the overbought region. Further upsides are doubtful as sellers emerge in the overbought region. DOGE price has a bullish crossover. That is, the 21-day SMA crosses above the 50-day SMA.

DOGE/USD Medium-term bias: Bullish
On the 4 hour chart, the DOGE price is in a vertical rally. The bulls are attempting to break above the resistance at $0.34. Meanwhile, on October 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that DOGE will rise to level 1.618 Fibonacci extension or level $0.39.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE is above the 80% range of the daily stochastic. The stochastic has indicated that the market has reached the overbought region. The moving averages are sloping upward indicating the uptrend.

General Outlook for Dogecoin
Dogecoin is in a strong uptrend. The current rally is likely to face rejection at a $0.34 high. If buyers breach the current resistance, the market will rally to a $0.40 high. Dogecoin price prediction 2022 detailed analyze is here. 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.