Dogecoin is rising above the $0.1350 resistance zone against the US Dollar. DOGE is now showing positive signs and could surpass the $0.1450 resistance.
- DOGE price started a fresh rise above the $0.1320 resistance level.
- The price is trading above the $0.1350 level and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $0.1420 on the hourly chart of the DOGE/USD pair (data feed from Kraken).
- The price could gain bullish momentum if it breaks the $0.1450 and $0.1465 resistance levels.
Dogecoin price foresees more advantages
Dogecoin price started a fresh rise above the $0.1200 resistance zone. DOGE gained traction to break above the $0.1320 resistance zone, surpassing bitcoin and Ethereum. There was also a move above the $0.1350 and $0.1400 resistance levels.
The price reached as high as $0.1467 and recently saw a small downward correction. The price fell below the $0.1420 level. It traded below the 23.6% Fibonacci retracement level of the upward move from the low of $0.1206 to the high of $0.1467.
However, the bulls are active above the $0.1350 level. There is also a key bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1320 level and the 100 hourly simple moving average. The immediate resistance on the upside is near the $0.1465 level. The next major resistance is near the $0.1480 level.
A close above the $0.1480 resistance could send the price towards the $0.1520 resistance. Any further gains could send the price towards the $0.1550 level. The next important stop for the bulls could be $0.1585.
Are drops in DOGE supported?
If DOGE price fails to break above the $0.1465 level, it could start another decline. Initial support on the downside is near the $0.1420 level. The next major support is near the $0.1400 level.
Major support lies at $0.1335 or the 50% Fibonacci retracement level of the upward move from the low of $0.1206 to the high of $0.1467. If there is a downside break below the $0.1335 support, the price could fall further. In the indicated case, the price could fall towards the $0.1250 level or even $0.1220 in the near 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.
Main support levels: $0.1465 and $0.1500.
Main resistance levels: $0.1420 and $0.1335.
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