Dogecoin (DOGE) continues its December rally with good prospects
Having formed a base above the $0.065 zone, the Dogecoin (DOGE) rate began to rise steadily. DOGE maintained good ground and climbed above the $0.075 resistance level
There was a clear move above the $0.080 resistance zone to start a decent rally. DOGE cleared several hurdles near the $0.085 level and settled above the 100x simple moving average (4 hours). A new yearly high was formed around $0.0934 and Dogecoin is now consolidating gains.
It is trading near the Fibonacci 23.6% retracement level of the up move from the $0.0768 swing low to the $0.0934 high. The Doge is now above the $0.0850 zone and the 100 simple moving average (4 hours).
On the 4-hour chart of the DOGE/USD pair, a major bullish trend line is also forming with support near $0.0830. On the other hand, DOGE is facing resistance around $0.0915. The first major resistance is near the $0.0920 level.
A clear move above the $0.092 resistance could take the course towards the $0.098 resistance. Any additional profit could send DOGE to the $0.100 level. A clear move above the $0.100 resistance level could open the gate for a rally to the $0.112 level.
If the DOGE rate fails to rise above the $0.092 level, it may begin a downward correction. Initial support on the downside is near the $0.0880 level.
The next major support lies near the $0.085 level, or the 50% Fibonacci retracement level of the up move from the $0.0768 swing low to the $0.0934 high. If there is a downside break below the $0.085 support, the rate could drop further. In this case, DOGE may fall to the level of $0.082 and the trend line.
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