Dogecoin started a fresh rise against the support at $0.0985 against the US dollar. DOGE could gain momentum if it clears the USD 0.1085 resistance.
- DOGE price expects an upside break above $0.1085.
- The price is trading above the USD 0.100 level and the 100-hour simple moving average.
- There was a break above a key bearish trendline with resistance at $0.1030 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could rise if it crosses the USD 0.1060 and USD 0.1085 resistance levels.
Dogecoin price rises again
After a steady decline, Dogecoin price found support near the $0.0985 level. A base was formed and DOGE started a significant upward move, much like Bitcoin and Ethereum. There was a move above the USD 0.1020 and USD 0.1040 resistance levels.
Additionally, there was a break above a key bearish trendline with resistance at $0.1030 on the hourly chart of the DOGE/USD pair. The pair surpassed the 50% Fib retracement level on the downward move from the $0.1084 swing high to the $0.0985 low.
The Dogecoin price is now trading above the $0.1040 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.1050 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.1084 swing high to the $0.0985 low.
The next major resistance is near the $0.1060 level. A close above the resistance at $0.1060 could send the price towards the resistance at $0.1085. Any further gains could send the price towards the USD 0.1150 level. The next big stop for the bulls could be $0.1200.
Another rejection from DOGE?
If DOGE price fails to rise above the USD 0.1060 level, it could trigger another decline. The initial downside support is near the $0.1030 level and the same trendline. The next major support is near the $0.1020 level.
The main support is at USD 0.0985. If there is a downside break below the USD 0.0985 support, the price could fall further. In the mentioned case, the price could drop to the $0.0920 level or even $0.0885 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 – USD 0.1030 and USD 0.1000.
Major resistance levels – $0.1060 and $0.1085.