Dogecoin started a decent rise above $0.1050 against the US dollar. DOGE is now consolidating and could target an upside break above $0.1150.
- DOGE price started a new increase above USD 0.1150 and USD 0.120.
- The price is trading above the USD 0.1085 level and the 100-hour simple moving average.
- A bullish trendline is forming with support at $0.1085 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could aim for another increase if it remains stable above $0.1150.
Dogecoin price rises above USD 0.1120
Dogecoin’s price started to rise again after rising above $0.10, just like Bitcoin and Ethereum. DOGE climbed above the resistance at $0.1050 and entered a positive zone.
The bulls managed to push the price above $0.1120. A high was formed at $0.1137 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.1009 swing low to the $0.1137 high.
The Dogecoin price is now trading above the $0.1100 level and the 100-hourly moving average. A bullish trendline is also forming with support at $0.1085 on the hourly chart of the DOGE/USD pair.
If another rise occurs, immediate upside resistance will be around the $0.1135 level. The first major resistance for the bulls could be around the $0.1150 level.
The next major resistance is near the $0.120 level. A close above the USD 0.120 resistance could send the price towards USD 0.1220. Any further gains could send the price towards USD 0.1250. The next big stop for the bulls could be $0.1320.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1150 level, it could trigger a downside correction. The initial downside support is near the $0.1100 level. The next major support is near the $0.1085 level or trendline.
The key support is at $0.1075 and the 50% Fib retracement level of the upward move from the $0.1009 swing low to the $0.1137 high. If there is a downside break below the USD 0.1075 support, the price could fall further. In the mentioned case, the price could slide towards the $0.1020 level or even $0.10 in the short 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 – $0.1085 and $0.1075
Major resistance levels – $0.1135 and $0.1150.