Dogecoin is steadily climbing, up 13.78% in the past seven days. As of press time, DOGE traded up 5.66% at $0.189. Bulls seem unwilling to go for holiday hiatus with the token set to mark the fourth consecutive day in the green. Dogecoin co-founder Billy Markus in a Dec. 24 tweet, announced Dogecoin’s roadmap dubbed ”Dogecoin Trailmap” published by the Dogecoin Foundation for the first time in its history. DOGE was launched back in 2013 as a joke over Bitcoin, and it never had a roadmap since nobody took it seriously until recently. In separate news, Dogecoin Foundation and Ethereum Cofounder Vitalik Buterin have announced the creation of a unique Dogecoin proposal that will bring “Community Staking” PoS to anyone willing to participate. After the release and full implementation of the GigaWallet, the foundation will then focus on the development of community staking.
Key Levels
Resistance levels: $0.3500, $0.3000, $0.0233
Support Levels: $0.1504, $0.1225, $0.0500
DOGE/USD Daily ChartDOGE price action is gradually drifting higher to test the previous highs. The levels to watch are the MA 50 and 200 at $0.21 and $0.239 each. A breakout above this level could see further gains come by. In this case, the $0.31 and $0.355 levels are the targets to note.
The RSI is slightly above the 50 neutral levels, suggesting likely consolidation. DOGE has equal chances to move on either side within its $0.15-$0.225 range. Dogecoin can consolidate in this range before a rally happens. Alternatively, a price decline could target the lower support of $0.15.
DOGE/USD 4-Hour ChartDogecoin price traded on the sidelines since Mid November with a strong barrier at the $0.1886 or MA 200. While Dogecoin is advancing above the moving averages of 50 and 200, caution remains in the markets. A continuation of the recent upside moves could indicate the start of an uptrend, with traders increasing buying exposure probably towards the $0.22 and $0.27 levels.
Slightly higher, there is another obstacle around $0.30 ahead of the $0.35 mark. Alternatively, if there is a retreat, all eyes will turn to the MA 50 at $0.1736 and the $0.15 level. Overall, DOGE/USD seems to be neutral in the near term. Traders could wait for a confirmation above the $0.22 level to increase buying orders.
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