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Dogecoin started a decent increase above $0.1050 against the US Dollar. DOGE is now consolidating and might aim for an upside break above $0.1150.
- DOGE price started a fresh increase above $0.1150 and $0.120.
- The price is trading above the $0.1085 level and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $0.1085 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could aim for a fresh increase if it remains stable above $0.1150.
Dogecoin Price Climbs Above $0.1120
Dogecoin price started a fresh increase after it settled above $0.10, like Bitcoin and Ethereum. DOGE climbed above the $0.1050 resistance to enter a positive zone.
The bulls were able to push the price above $0.1120. A high was formed at $0.1137 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.1009 swing low to the $0.1137 high.
Dogecoin price is now trading above the $0.1100 level and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $0.1085 on the hourly chart of the DOGE/USD pair.
If there is another increase, immediate resistance on the upside is near the $0.1135 level. The first major resistance for the bulls could be near the $0.1150 level.
The next major resistance is near the $0.120 level. A close above the $0.120 resistance might send the price toward $0.1220. Any more gains might send the price toward $0.1250. The next major stop for the bulls might be $0.1320.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1150 level, it could start a downside correction. Initial support on the downside is near the $0.1100 level. The next major support is near the $0.1085 level or the trend line.
The main support sits at $0.1075 and the 50% Fib retracement level of the upward move from the $0.1009 swing low to the $0.1137 high. If there is a downside break below the $0.1075 support, the price could decline further. In the stated case, the price might slide toward the $0.1020 level or even $0.10 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1085 and $0.1075
Major Resistance Levels – $0.1135 and $0.1150.
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