DogeCoin breaks the $0.070 resistance level and gains bullish momentum as analysts predict a possible rally towards $0.080.

DogeCoin breaks the $0.070 resistance level and gains bullish momentum as analysts predict a possible rally towards $0.080.

Dogecoin breaks resistance level and could continue higher

Dogecoin (DOGE) has reportedly broken the $0.070 resistance level against the US Dollar and is gaining bullish momentum. According to recent information, analysts are showing bullish forecasts and believe that the cryptocurrency could continue its rally towards the $0.080 resistance zone.

Currently, DOGE is showing positive signs above the $0.068 resistance. The price is well above the $0.070 zone and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.070 on the 4-hour chart of the DOGE/USD pair. This suggests that the cryptocurrency continues to gain bullish momentum.

After a downward correction, Dogecoin price found support near the $0.0680 zone. From there, the cryptocurrency started a fresh increase and even outperformed Bitcoin and Ethereum in the last two sessions. There was an upside move above the $0.070 resistance zone and the price rose above the 50% Fib retracement level of the previous downward move.

A key bullish trendline continues to form on the 4-hour chart of the DOGE/USD pair as the price faces resistance near the $0.0732 level. If this resistance is overcome, DOGE could start a new rally. The next major resistance level is near $0.0750, followed by $0.080. If further gains are achieved, the price could even rise to $0.082.

However, if DOGE fails to gain momentum above the $0.0732 level, a downward correction could occur. The first support on the downside is near the $0.070 level and the bullish trend line. If the price continues to fall, it could reach the support at $0.0675. A further downside break could send the price down to $0.0650.

The technical indicators are showing positive signals for DOGE. The 4-hour Moving Average Convergence Divergence (MACD) is now gaining momentum in the bullish zone, while the 4-hour RSI (Relative Strength Index) is above the 50 level.

In summary, Dogecoin is currently showing positive signs and could potentially rise by more than 10%. The cryptocurrency is expected to continue its rally towards the $0.080 resistance zone if it can clear the $0.0732 resistance. However, it remains to be seen whether DOGE can maintain the upward momentum or whether it will experience another decline.