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The cryptocurrency market represents mixed trading on Monday. Dogecoin (DOGE) rallied nearly 27% to reach highs of $0.28 today as the dog-themed token climbs for the 4th consecutive day. At the time of post, DOGE was exchanging hands at $0.253, up 6.51% in the last 24 hours and 9.21% weekly. Dogecoin bulls seemed pleased by Billionaire Mark Cuban’s staunch support in a recent live audio conversation on Twitter. Cuban had insisted that he would continue talking about Dogecoin despite facing pushback from Bitcoin maximalists. The billionaire maintains that Dogecoin is “a great introduction” to the cryptocurrency space. Elon Musk’s recent cryptic tweet of a bunny-like figure holding a space rocket was interpreted as ”#DOGE to the moon” by Dogecoin proponents.
Resistance levels: $0.3500, $0.3000, $0.2808
Support Levels: $0.1950, $0.1593, $0.1357
DOGE/USD Daily Chart: Ranging
DOGE/USD Daily Chart
Although Dogecoin remains in a consolidation range, the nearly 31% climb in the last 4 days remains significant against the backdrop of recent declines. The floor at $0.20 (Oct. 12 low) saw buying interest as traders bought the dip. The DOGE/USD pair subsequently spiked above the MA 50 at $0.241 to reach highs of $0.28 today. That said, a sustained rally above the MA 200 at $0.2739 may suggest further commitment from the buy-side.
The next barrier comes in at the $0.30 level, above which the DOGE/USD pair could rise steadily towards the $0.351-$0.463 level in the near term. Immediate support on the downside is near the MA 50 at $0.241. The next key support is near the $0.20 level. A clear break below the $0.20 support could lead the pair towards the $0.18-$0.19 support range.
DOGE/USD 4-Hour Chart: Ranging
DOGE/USD 4-Hour Chart
Dogecoin surged to reach highs above $0.27 as a breakout occurred above the $0.2453 critical barrier. The RSI above 60 is reflecting the recent improvement in price. Given that a breakout had occurred, bullish traders could continue to pressure DOGE higher during the next trading session. The potential target for buyers would be near the $0.30 area.
However, a resistance line at $0.28 could provide resistance for the DOGE/USD pair in the meantime. Corrective dips, under current conditions, will be expected to offer better buying opportunities. The moving averages 200 and 50 at $0.227 and $0.234 respectively are expected to curtail downside risks. Overall, the Dogecoin market structure remains neutral with a break above $0.28 expected to produce further upside gains.
