Dogecoin is consolidating above the USD 0.1320 support zone against the US Dollar. DOGE needs to clear the resistance at USD 0.1425 to start a new increase.
- DOGE price started a downside correction from the USD 0.1500 resistance level.
- The price is trading below the USD 0.1420 level and the 100-hour simple moving average.
- A major bearish trendline is forming at resistance at $0.1425 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could gain bullish momentum if it crosses the USD 0.1425 and USD 0.1450 resistance levels.
Dogecoin price eyes upside breakout
Dogecoin price started a downward correction from the USD 0.1500 resistance zone. DOGE dipped below the USD 0.1450 and USD 0.1420 levels. A low was formed at $0.1330 and the price is now recovering losses like Bitcoin and Ethereum.
There was also a move above the USD 0.1350 and USD 0.1380 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low. However, the bears are active near the USD 0.1425 resistance zone.
There is also a major bearish trendline forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair. The trendline is close to the 61.8% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low.
The Dogecoin price is now trading below the $0.1420 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.1425 level. The next major resistance is near the $0.1450 level.
A close above the USD 0.1450 resistance could send the price towards the USD 0.1500 resistance. Any further gains could send the price towards the USD 0.1550 level. The next big stop for the bulls could be $0.1585.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1425 level, it could trigger another decline. The initial downside support is near the $0.1365 level. The next major support is near the $0.1350 level.
The main support is at $0.1320. If there is a downside break below the USD 0.1320 support, the price could fall further. In the mentioned case, the price could drop to the $0.1250 level or even $0.1220 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 close to the 50 level.
Major support levels – $0.1365 and $0.1320.
Major resistance levels – $0.1425 and $0.1450.