Dogecoin started a decent increase above $0.1125 against the US Dollar. DOGE is now consolidating and might aim for an upside break above $0.1155.
- DOGE price started a fresh increase above $0.1120 and $0.1135.
- The price is trading above the $0.1120 level and the 100-hourly simple moving average.
- There is a contracting triangle forming with support at $0.1115 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 $0.110.
Dogecoin Price Climbs Above $0.1150
Dogecoin price started a fresh increase after it settled above $0.110, outperforming Bitcoin and Ethereum. DOGE climbed above the $0.1120 resistance to enter a positive zone.
The bulls were able to push the price above $0.1150. A high was formed at $0.1153 and the price is now consolidating. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $0.1095 swing low to the $0.1153 high.
Dogecoin price is now trading above the $0.1120 level and the 100-hourly simple moving average. There is also a contracting triangle forming with support at $0.1115 on the hourly chart of the DOGE/USD pair.
If there is another increase, immediate resistance on the upside is near the $0.1140 level. The first major resistance for the bulls could be near the $0.1150 level. The next major resistance is near the $0.1165 level. A close above the $0.1165 resistance might send the price toward $0.120. Any more gains might send the price toward $0.1220. The next major stop for the bulls might be $0.1250.
Downside Correction 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 $0.1115 level, the triangle, and the 61.8% Fib retracement level of the upward move from the $0.1095 swing low to the $0.1153 high. The next major support is near the $0.110 level.
The main support sits at $0.1075. 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 $0.1030 level or even $0.1020 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 – $0.1115 and $0.1100
Major Resistance Levels – $0.1150 and $0.1200.
