DOGE Beats BTC And Could Test $0.5: Price Analysis

DOGE beats BTC as it extended its rally above the $0.400 resistance against the US dollar. The coin tested the $0.4500 zone and could continue higher in the near term so let’s read more in our latest Dogecoin news.

DOGE gained bullish momentum above the $0.3500 and the $0.4000 resistance levels against the dollar with the price trading nicely above the $0.3000 and the 100 simple moving average. There’s also a crucial bullish trend line forming with the support at $0.3600 and the 100 simple moving average with a crucial bullish trend forming at the 4-hour charts of the pair. The pair could correct gains but the dips are likely to remain limited below $0.3500.

After forming a new base above $0.2800 and $0.3000 levels, the coin started a new rally and DOGE beats BTC while breaking many important hurdles near the $0.3500 and the $0.3550 levels and outperformed Bitcoin. The coin rallied higher and settled above the 100 simple moving average as it tested the $0.4500 resistance zone with a new high forming near the $0.4512. The price is now correcting the gains and it is trading below the $0.4400 level.

It spiked below the $0.4200 support zone with a new break below the 23.6% fib retracement level of the rally from the $0.2971 low to $0.4512 high. On the downside, the initial support is near the $0.4000 level with the next major support seen near the $0.375 level and a close to the 50% fib retracement level from the rally at $0.2971 low to $0.4512 high. The main support is forming near the $0.3550 levels with a crucial bullish trend line forming with the support at $0.3600 on the 4-hour charts of the pair. More losses could open the doors for a move towards the $0.300 level.

If the DOGE price remains stable above the $0.4000 support on the trend line, there are more chances of another upside with the initial resistance on the upside nearing the $0.4350 level. The first major resistance is close to the $0.4500 level and more gains with a clear close above this level could set the pace for a new rise to $0.500 resistance. The 4-hour MACD for the DOGE pair is gaining momentum in the bullish zone while the 4-hours RSI is above the 50 levels.