Dogecoin is rising above the USD 0.120 resistance zone against the US dollar. DOGE is now showing positive signs and could clear the resistance at $0.1280.
- DOGE price started a fresh rise above the USD 0.1200 resistance level.
- The price is trading above the USD 0.1220 level and the 100-hour simple moving average.
- There was a break above a key descending channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could gain bullish momentum if it crosses the USD 0.1250 and USD 0.1280 resistance levels.
Dogecoin price regains traction
Dogecoin price started a new rise above the USD 0.1100 resistance zone. DOGE gained traction with a move above the $0.1200 resistance zone, beating Bitcoin and Ethereum. There was also a move above the USD 0.1250 and USD 0.1265 resistance levels.
During the rise, there was a break above a key descending channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. The pair traded as high as $0.1297 and recently saw a small downward correction.
The price fell below the $0.1265 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high. The Dogecoin price is now trading above the $0.1200 level and the 100-hourly moving average.
The immediate resistance on the upside is near the $0.1280 level. The next major resistance is near the $0.1300 level. A close above the USD 0.1300 resistance could send the price towards the USD 0.1320 resistance. Any further gains could send the price towards the USD 0.1350 level. The next big stop for the bulls could be $0.1400.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.1280 level, it could trigger another decline. The initial downside support is near the $0.1235 level. The next major support is near the $0.1200 level and the 50% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high.
The main support is at $0.1175. If there is a downside break below the USD 0.1175 support, the price could fall further. In the mentioned case, the price could drop to the $0.1150 level or even $0.1120 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 – $0.1235 and $0.1200.
Major resistance levels – $0.1280 and $0.1300.