Dogecoin started a fresh increase from the $0.0950 zone against the US Dollar. DOGE is now facing hurdles near $0.1075 and might aim for a larger rally.
- DOGE price started a decent upward move above $0.100 and $0.1050.
- The price is trading above the $0.1040 level and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $0.1020 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to move up if it stays above $0.10.
Dogecoin Price Rallies Above Hurdles
Dogecoin price remained supported above the $0.0965 zone and started a fresh increase, beating Bitcoin and Ethereum. DOGE climbed above the $0.0985 and $0.10 resistance levels.
The price gained over 8% and tested the $0.1120 zone. It corrected some gains sharply and revisited $0.1009. The bulls remained in action and pushed the price back above $0.1050. There was a move above the 50% Fib retracement level of the downward move from the $0.1120 swing high to the $0.1009 low.
Dogecoin price is now trading above the $0.1050 level and the 100-hourly simple moving average. Besides, there is a key bullish trend line forming with support at $0.1020 on the hourly chart of the DOGE/USD pair.
If the bulls remain active, the price could attempt another increase. Immediate resistance on the upside is near the $0.1075 level or the 61.8% Fib retracement level of the downward move from the $0.1120 swing high to the $0.1009 low.
The first major resistance for the bulls could be near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward the $0.1150 resistance. Any more gains might send the price toward the $0.120 level. The next major stop for the bulls might be $0.1250.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1075 level, it could continue to move down. Initial support on the downside is near the $0.1035 level. The next major support is near the $0.1020 level.
The main support sits at $0.10. If there is a downside break below the $0.10 support, the price could decline further. In the stated case, the price might slide toward the $0.0955 level or even $0.0950 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 – $0.1035 and $0.1020.
Major Resistance Levels – $0.1075 and $0.1120.