Dogecoin started a decent rise above $0.0950 against the US dollar. DOGE is now consolidating and could target an upside break above $0.10.
- DOGE price started a new increase above USD 0.0950 and USD 0.0975.
- The price is trading above the USD 0.0965 level and the 100-hour simple moving average.
- A bullish trendline is forming with support at $0.0970 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could aim for a new increase if it remains stable above USD 0.0950.
Dogecoin price aims higher
The Dogecoin price started to rise again after breaking above $0.0950, just like Bitcoin and Ethereum. DOGE climbed above the resistance at $0.09650 and entered a positive zone.
The bulls managed to push the price above $0.0980. It reached a high at $0.0997 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 $0.0945 swing low to the $0.0997 high.
The Dogecoin price is now trading above the $0.0965 level and the 100-hourly moving average. A bullish trendline is also forming with support at $0.0970 on the hourly chart of the DOGE/USD pair.
If another rise occurs, immediate upside resistance will be around the $0.0990 level. The first major resistance for the bulls could be near the $0.0995 level.
The next major resistance is near the $0.10 level. A close above the USD 0.10 resistance could send the price towards USD 0.1120. Any further gains could send the price towards $0.1150. The next big stop for the bulls could be $0.120.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.10 level, a downward correction could occur. The initial downside support is near the $0.0970 level and the trendline. The next major support is near the $0.0965 level or the 61.8% Fib retracement level of the upward move from the $0.0945 swing low to the $0.0997 high.
The main support is at USD 0.0945. If there is a downside break below the USD 0.0945 support, the price could fall further. In the mentioned case, the price could slide towards the $0.0905 level or even $0.090 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 above the 50 level.
Major support levels – $0.0970 and $0.0965.
Major resistance levels – $0.0995 and $0.1000.