Dogecoin started a decent increase above $0.0920 against the US Dollar. DOGE is now consolidating and might aim for an upside break above $0.0955.
- DOGE price started a fresh increase above $0.0920 and $0.0925.
- The price is trading above the $0.0925 level and the 100-hourly simple moving average.
- There was a break above a bearish trend line with resistance at $0.0935 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 $0.0925.
Dogecoin Price Aims Higher
Dogecoin price started a fresh increase after it settled above $0.0920, like Bitcoin and Ethereum. DOGE climbed above the $0.0920 resistance to enter a positive zone.
There was a break above a bearish trend line with resistance at $0.0935 on the hourly chart of the DOGE/USD pair. The bulls were able to push the price above $0.0940. A high was formed at $0.0957 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.0897 swing low to the $0.0957 high.
Dogecoin price is now trading above the $0.0925 level and the 100-hourly simple moving average. If there is another increase, immediate resistance on the upside is near the $0.0950 level. The first major resistance for the bulls could be near the $0.0955 level.
The next major resistance is near the $0.0980 level. A close above the $0.0980 resistance might send the price toward $0.1020. Any more gains might send the price toward $0.1050. The next major stop for the bulls might be $0.1120.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.09550 level, it could start a downside correction. Initial support on the downside is near the $0.0928 level. The next major support is near the $0.0920 level or the 61.8% Fib retracement level of the upward move from the $0.0897 swing low to the $0.0957 high.
The main support sits at $0.090. If there is a downside break below the $0.090 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level or even $0.0865 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.0925 and $0.0920.
Major Resistance Levels – $0.0955 and $0.0980.
