Dogecoin is up over 20% and trading above the $0.1650 support zone against the US dollar. DOGE needs to overcome the resistance at $0.1780 to move higher.
- DOGE price started a major rise above the USD 0.1500 resistance level.
- The price is trading above the USD 0.1650 level and the 100-hour simple moving average.
- A major bullish trendline is forming with support at $0.1715 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it crosses the USD 0.1780 and USD 0.1800 resistance levels.
Dogecoin price expects more gains
Dogecoin price started a fresh rise above the USD 0.1450 and USD 0.150 resistance levels. DOGE price rose more than 20%, beating Bitcoin and Ethereum. The bulls were able to pump the price above the USD 0.1650 resistance.
A high was reached at $0.1796 and the price is now consolidating gains. It holds gains above the USD 0.1720 level. There is also a major bullish trendline forming with support at $0.1715 on the hourly chart of the DOGE/USD pair. The trendline is well above the 23.6% Fib retracement level of the upward move from the $0.1275 swing low to the $0.1794 high.
The Dogecoin price is now trading above the $0.1650 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.1765 level. The next major resistance is near the $0.1780 level.
A close above the resistance at $0.1780 could send the price towards the resistance at $0.1800. Any further gains could send the price towards the USD 0.1850 level. The next big stop for the bulls could be $0.2000.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.1780 level, it could trigger another decline. The initial downside support is near the $0.1715 level and the trendline. The next major support is near the $0.1675 level.
The main support is at $0.1630. If there is a downside break below the USD 0.1630 support, the price could fall further. In the mentioned case, the price could drop to the $0.1500 level or even $0.1420 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 – $0.1715 and $0.1675.
Major resistance levels – $0.1780 and $0.1800.