Dogecoin corrected some gains from the $0.0985 zone against the US dollar. DOGE now holds the support at $0.0950 and could be aiming for new upside potential.
- DOGE price started a new downside correction below USD 0.0965.
- The price is trading above the USD 0.0950 level and the 100-hour simple moving average.
- A bullish trendline is forming with support at $0.0955 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 holds support
Dogecoin price started a downward correction after failing to surpass $0.0985 like Bitcoin and Ethereum. DOGE fell below the USD 0.0980 and USD 0.0970 levels.
There was a move below the 50% Fib retracement level of the upward move from the $0.0936 swing low to the $0.0985 high. The price even spiked below $0.0955 before the bulls appeared. The Dogecoin price is now trading above the $0.0950 level and the 100-hourly moving average. Furthermore, a bullish trendline is forming with support at $0.0955 on the hourly chart of the DOGE/USD pair.
The immediate resistance on the upside is near the $0.0980 level. The first major resistance for the bulls could be near the $0.0985 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.
Disadvantage of DOGE?
If DOGE price fails to rise above the USD 0.0980 level, it could continue to decline. The initial downside support is near the $0.0955 level and the trendline. It is close to the 61.8% Fib retracement level of the upward move from the $0.0936 swing low to the $0.0985 high.
The next major support is near the $0.0950 level. The main support is at $0.0920. If there is a downside break below the USD 0.0920 support, the price could fall further. In the mentioned case, the price could slide towards the USD 0.0880 level. Any further losses could require a test of $0.0850.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – USD 0.0950 and USD 0.0920.
Major resistance levels – $0.0980 and $0.0985.