Dogecoin started a decent rise above $0.0920 against the US dollar. DOGE is now consolidating and could target an upside break above $0.0955.
- DOGE price started a new increase above USD 0.0920 and USD 0.0925.
- The price is trading above the USD 0.0925 level and the 100-hour simple moving average.
- There was a break above a bearish trendline with resistance at $0.0935 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could aim for another increase if it remains stable above $0.0925.
Dogecoin price aims higher
Dogecoin’s price started to rise again after rising above $0.0920, along with Bitcoin and Ethereum. DOGE climbed above the resistance at $0.0920 and entered a positive zone.
There was a break above a bearish trendline with resistance at $0.0935 on the hourly chart of the DOGE/USD pair. The bulls managed to push the price above $0.0940. It reached a high at $0.0957 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 $0.0897 swing low to the $0.0957 high.
The Dogecoin price is now trading above the $0.0925 level and the 100-hourly moving average. If another rise occurs, immediate upside resistance will be around the $0.0950 level. The first major resistance for the bulls could be near the $0.0955 level.
The next major resistance is near the $0.0980 level. A close above the USD 0.0980 resistance could send the price towards USD 0.1020. Any further gains could send the price towards $0.1050. The next big stop for the bulls could be $0.1120.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.09550 level, it could trigger a downside correction. The initial downside support is near the $0.0928 level. The next major support is near the $0.0920 level or the 61.8% Fib retracement level of the upward move from the $0.0897 swing low to the $0.0957 high.
The main support is at $0.090. If there is a downside break below the USD 0.090 support, the price could fall further. In the mentioned case, the price could slide towards the $0.0880 level or even $0.0865 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 above the 50 level.
Major support levels – $0.0925 and $0.0920.
Major resistance levels – $0.0955 and $0.0980.