Dogecoin is moving higher above the $0.160 resistance area against the US Dollar. DOGE holds its gains and may aim to move above $0.1650.
- DOGE price is moving higher above the $0.160 resistance area.
- The price is trading above the $0.160 level and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $0.160 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price must settle above $0.1650 to gain bullish momentum and continue higher.
Dogecoin price maintains support
In the past few sessions, Dogecoin price has started to steadily rise above the $0.1500 area, like Bitcoin and Ethereum. DOGE bulls managed to push the price above the $0.160 resistance zone.
The recent swing high was formed at $0.1646 before the price started a downward correction, and there was a decline below the $0.1620 support area. The price rose below the 23.6% Fibonacci retracement level of the upward move from the swing low of $0.1571 to the swing high of $0.1646.
Dogecoin is now trading above the $0.160 level and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $0.160 on the hourly chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.1640 level. The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance level could send the price towards the $0.1720 resistance level. Any further gains may push the price towards the $0.1750 level. The next major stop for the bulls could be $0.1800.
Downside correction in DOGE?
If DOGE price fails to rise above the $0.1650 level, it may start another decline. Initial support on the downside is near the $0.160 level and trend line. It is close to the 50% Fib retracement level of the upward move from the swing low of $0.1571 to the swing high of $0.1646.
The next major support is located near the $0.1580 level. If a bearish breakout occurs below the $0.1580 support level, the price could fall further. In the mentioned case, the price may fall towards the $0.1520 level.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key Support Levels – $0.1620, $0.1600, and $0.1580.
Major resistance levels – $0.1640, $0.1650, and $0.1720.
