Dogecoin price is up more than 20% and is trading above the $0.1650 support zone against the US Dollar. DOGE must cross the resistance level at $0.1780 to continue higher.
- DOGE price started to rise significantly above the $0.1500 resistance level.
- The price is trading above the $0.1650 level and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $0.1715 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can continue rising if it crosses the $0.1780 and $0.1800 resistance levels.
Dogecoin price looks forward to further gains
Dogecoin price started a new rise above the $0.1450 and $0.150 resistance levels. DOGE price rose more than 20%, beating Bitcoin and Ethereum. The bulls managed to pump the price above the $0.1650 resistance level.
The high was formed at $0.1796 and the price is now consolidating its gains. It is maintaining its gains above the $0.1720 level. There is also a major uptrend line forming with support at $0.1715 on the hourly chart of the DOGE/USD pair. The trend line is located well above the 23.6% Fibonacci retracement level of the upward move from the swing low of $0.1275 to the swing high of $0.1794.
Dogecoin price is now trading above the $0.1650 level and the 100 hourly simple moving average. Immediate resistance on the upside is near the $0.1765 level. The next major resistance is near the $0.1780 level.
A close above the $0.1780 resistance level could send the price towards the $0.1800 resistance level. Any further gains may push the price towards the $0.1850 level. The next major stop for the bulls could be $0.2000.
Are declines supported in DOGE?
If DOGE price fails to rise above the $0.1780 level, it may start another decline. Initial support on the downside is located near the $0.1715 level and trend line. The next major support is near the $0.1675 level.
The main support is located at $0.1630. If there is a bearish breakout below the $0.1630 support level, the price may fall further. In the mentioned case, the price may fall towards the $0.1500 level or even $0.1420 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 – $0.1715 and $0.1675.
Key resistance levels – $0.1780 and $0.1800.
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