DOGE climbed above $0.31 for first time since mid June
Dogecoin prices soared last week, and are up almost 40% in the past 7 days. Most of the gains were recorded over the weekend when prices broke below $0.30 to reach weekly highs $0.34.
The original meme currency’s value has risen 16% over the past 24 hours. Bulls could be able to see further gains this week. It could push DOGE/USD towards $0.40 if the coin’s hype continues to build support.
Dogecoin prices are currently rising after a period when profit taking began this morning. Prices fell to $0.29 at that time.
Dogecoin’s market data from CoinGecko shows that daily trading volume has jumped to over $6 billion, with the market cap of $43.6 billion giving the seventh-ranked cryptocurrency a 2.09% market dominance.
Dogecoin price outlook
Dogecoin broke through an ascending symmetrical pattern this weekend and rose sharply, before losing some of its gains, as shown on the 4-hour charts. DOGE broke the $0.31 resistance line on the upside for the first time since mid Juni.
Chart for DOGE/USD 4 hours Source: TradingView
Support at $0.34 is provided by the 61.8% Fibonacci Retracement Level of the swing low, $0.16. Bulls should maintain their uptrend, as indicated by MACD and RSI indicators. The 78.6% Fib level should be the next upside target at $0.38.
After that, buyers can set the round figure value at $0.40 or possibly the $0.45 area.
Bulls can also rely on support from the 20% exponential moving average (or 50% Fib) which is currently at $0.30.