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

Updated:

 
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. 

You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.