Dogecoin rises above the $0.1350 resistance area against the US Dollar. DOGE is now showing positive signs and may cross the $0.1450 resistance level.
- DOGE price started a new increase above the $0.1320 resistance level.
- The price is trading above the $0.1350 level and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain upward momentum if it crosses the $0.1450 and $0.1465 resistance levels.
Dogecoin price looks forward to more positives
Dogecoin price started a new increase above the $0.1200 resistance area. DOGE gained momentum to move above the $0.1320 resistance area, beating Bitcoin and Ethereum. There was also a move above the $0.1350 and $0.1400 resistance levels.
The price traded at a high of $0.1467 and recently saw a slight downward correction. The price fell below the $0.1420 level. It traded below the 23.6% Fib retracement level of the upward move from the swing low of $0.1206 to the swing high of $0.1467.
However, the bulls are active above the $0.1350 level. There is also a major 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. 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 level could send the price towards the $0.1520 resistance level. Any further gains may send the price towards the $0.1550 level. The next major stop for the bulls could be $0.1585.
Are declines supported in DOGE?
If DOGE price fails to rise above the $0.1465 level, it may start another decline. Initial support on the downside is near the $0.1420 level. The next major support is near the $0.1400 level.
The main support is located at $0.1335 or 50% Fibonacci retracement level of the upward move from the swing low of $0.1206 to the swing high of $0.1467. If a bearish breakout occurs below the $0.1335 support level, the price may fall further. In the mentioned case, the price may 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.
Key support levels – $0.1465 and $0.1500.
Key resistance levels – $0.1420 and $0.1335.