Dogecoin started a big rise above $0.150 against the US dollar. DOGE is now consolidating and could fall if the price falls below $0.1450.
- DOGE price started a new increase above USD 0.1450 and USD 0.150.
- The price is trading above the USD 0.150 level and the 100-hour simple moving average.
- A bullish trendline is forming with support at $0.150 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could aim for another increase if it remains stable above $0.1450.
Dogecoin Price Consolidates Gains
The Dogecoin price started to rise again after breaking above $0.1320, along with Bitcoin and Ethereum. DOGE climbed above the $0.140 resistance and entered a positive zone.
The bulls managed to push the price above $0.150. A high was formed at $0.1541 and the price is now correcting some gains. There was a move towards the 23.6% Fib retracement level of the upward move from the $0.1156 swing low to the $0.1541 high.
The Dogecoin price is now trading above the $0.150 level and the 100-hourly moving average. Moreover, a bullish trendline is forming with support at $0.150 on the hourly chart of the DOGE/USD pair.
If another rise occurs, immediate upside resistance will be around the $0.1540 level. The first major resistance for the bulls could be near the $0.1550 level. The next major resistance is near the $0.1620 level. A close above the USD 0.1620 resistance could send the price towards USD 0.1750. Any further gains could send the price towards USD 0.180. The next big stop for the bulls could be $0.1840.
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 $0.150 level and the trendline. The next major support is near the $0.145 level.
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 $0.1350 level or even $0.1320 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 0.150 and USD 0.1450.
Major resistance levels – $0.1540 and $0.1550.