Dogecoin started a new rally above the $0.180 resistance level against the US Dollar. DOGE could continue rising if it crosses the $0.2200 resistance level.
- DOGE price started a new rally like Bitcoin and rose above the $0.180 resistance level.
- The price is trading above the $0.1800 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $0.1620 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can continue rising if it crosses the $0.2150 and $0.2200 resistance levels.
Dogecoin price looks forward to further gains
Dogecoin price started a new rise after it reclaimed the $0.1650 resistance level like Bitcoin and Ethereum. DOGE managed to accelerate the move above the $0.1800 and $0.1850 resistance levels.
There was a break above the major downtrend line with resistance at $0.1620 on the hourly chart of the DOGE/USD pair. The pair even rose above $0.2000. A top has been formed at $0.2200 and the price is now consolidating above the 23.6% Fibonacci retracement level of the upward move from the $0.1654 swing low to the $0.2200 swing high.
Dogecoin price is now trading above the $0.200 level and the 100 hourly simple moving average. Immediate resistance on the upside is near the $0.2150 level. The next major resistance is near the $0.220 level.
A close above the $0.220 resistance level could send the price towards the $0.2320 resistance level. Any further gains may send the price towards the $0.2420 level. The next major stop for the bulls could be $0.250.
Are declines supported in DOGE?
If DOGE price fails to rise above the $0.2150 level, it may start another decline. Initial support on the downside is located near the $0.2080 level. The next major support is near the $0.1920 level or the 50% Fibonacci retracement level of the upward move from the $0.1654 swing low to the $0.2200 swing high.
The main support is located at $0.1780. If there is a bearish breakout below the $0.1780 support level, the price may fall further. In the mentioned case, the price may fall towards the $0.1650 level or even $0.1620 in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.2080 and $0.1920.
Key resistance levels – $0.2150 and $0.2200.