Dogecoin started a new rise from the $0.0970 zone against the US dollar. DOGE now faces hurdles near USD 0.0995 and could be aiming for a bigger rally.
- DOGE price started a decent upward move above USD 0.0950 and USD 0.0985.
- The price is trading above the USD 0.0980 level and the 100-hour simple moving average.
- A major bullish trendline is forming with support at $0.0978 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it remains above $0.0970.
Dogecoin price encounters resistance
Dogecoin price remained supported above the $0.0950 zone and started a new rise, beating Bitcoin and Ethereum. DOGE climbed above the USD 0.0980 and USD 0.0985 resistance levels.
There was quite a bit of upside above the 50% Fib retracement level from the downward move from the $0.1008 swing high to the $0.0969 low. However, the bears remained active near the $0.0995 zone. Moreover, a major bullish trendline is forming with support at $0.0978 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading above the $0.0970 level and the 100-hourly moving average. If the bulls remain active, the price may try to rise again. The immediate resistance on the upside is near the $0.0995 level or the 61.8% Fib retracement level of the downward move from the $0.1008 swing high to the $0.0969 low.
The first major resistance for the bulls could be near the $0.10 level. The next major resistance is near the $0.1050 level. A close above the resistance at $0.1050 could send the price towards the resistance at $0.1120. Any further gains could send the price towards the USD 0.120 level. The next big stop for the bulls could be $0.1250.
Another drop in DOGE?
If the price of DOGE fails to rise above the USD 0.0995 level, it could continue to decline. The initial downside support is near the $0.0975 level or the trendline. The next major support is near the $0.0970 level.
The main support is at USD 0.0950. If there is a downside break below the USD 0.0950 support, the price could fall further. In the mentioned case, the price could slide towards the $0.0920 level or even $0.090 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.0970 and $0.0950.
Major resistance levels – $0.0995 and $0.10.