Dogecoin started a new rise above the $0.20 zone against the US dollar. DOGE is now consolidating and could target more gains if it clears $0.2180.
- DOGE price started a new upward move above USD 0.20 and USD 0.2050.
- The price is trading above the USD 0.20 level and the 100-hour simple moving average.
- A bullish trendline is forming with support at $0.1980 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could aim for more gains if it remains stable above USD 0.1880.
Dogecoin price looks fresh
The Dogecoin price started to rise again after breaking above $0.1880, just like Bitcoin and Ethereum. DOGE climbed above the $0.20 resistance and entered a positive zone.
The bulls were able to push the price above USD 0.2050 and USD 0.2120. A high was formed at $0.2182 and the price is now correcting gains. There was a move below the 50% Fib retracement level of the recent wave, from the $0.1787 swing low to the $0.2182 high.
The Dogecoin price is now trading above the $0.20 level and the 100-hourly moving average. Moreover, a bullish trendline is forming with support at $0.1980 on the hourly chart of the DOGE/USD pair.
If another rise occurs, immediate upside resistance will be around the $0.2085 level. The first major resistance for the bulls could be around the $0.2120 level. The next major resistance is near the $0.2180 level. A close above the resistance at $0.2180 could send the price towards $0.2320. Any further gains could send the price towards USD 0.250. The next big stop for the bulls could be $0.2620.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.2120 level, it could trigger a downside correction. The initial downside support is near the $0.20 level. The next major support is near the $0.1980 level and the trendline.
The main support is at $0.1880. If there is a downside break below the USD 0.1880 support, the price could fall further. In the mentioned case, the price could slide towards the $0.1720 level or even $0.1650 in the short 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 below the 50 level.
Major support levels – $0.1980 and $0.1880.
Major resistance levels – $0.2120 and $0.2180.