Dogecoin started a steady rise above $0.1550 against the US dollar. DOGE is now consolidating and could fall sharply if the price falls below $0.1490.
- DOGE price started a new increase above USD 0.1480 and USD 0.150.
- The price is trading below the USD 0.1520 level and the 100-hour simple moving average.
- A bullish trendline is forming with support at $0.1495 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could aim for another increase if it remains stable above $0.1490.
Dogecoin Price Consolidates Gains
The Dogecoin price started to rise again after breaking above $0.1450, just like Bitcoin and Ethereum. DOGE climbed above the USD 0.150 resistance and entered a positive zone.
The bulls managed to push the price above $0.1525. A high was formed at $0.1565 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 $0.1330 swing low to the $0.1565 high.
The Dogecoin price is now trading below the $0.1520 level and the 100-hourly moving average. Furthermore, a bullish trendline is forming with support at $0.1495 on the hourly chart of the DOGE/USD pair.
If another rise occurs, immediate resistance on the upside will be near the $0.1550 level and a connecting bearish trendline on the same chart. The first major resistance for the bulls could be near the $0.1565 level. The next major resistance is near the $0.160 level. A close above the USD 0.160 resistance could send the price towards USD 0.1680. Any further gains could send the price towards $0.1720. The next big stop for the bulls could be $0.1780.
Disadvantage of break in DOGE?
If DOGE price fails to rise above the USD 0.1550 level, it could trigger a downside correction. The initial downside support is near the $0.1490 level and the trendline. The next major support is near the $0.1450 level and the 50% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high.
The main support is at $0.1420. If there is a downside break below the USD 0.1420 support, the price could fall further. In the mentioned case, the price could slide towards the $0.1330 level or even $0.130 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 – $0.1490 and $0.1420.
Major resistance levels – $0.1550 and $0.1565.