Dogecoin started a steady increase above the $0.120 resistance zone against the US Dollar. DOGE is consolidating and might extend its gains above $0.1265.
■ DOGE price is eyeing more gains above the $0.1265 resistance zone.
■ The price is trading above the $0.120 level and the 100-hourly simple moving average.
■ There is a key bullish trend line forming with support at $0.1195 on the hourly chart of the DOGE/USD pair (data source from Kraken).
■ The price could continue to move up if it clears the $0.1265 resistance zone.
Dogecoin Price Eyes More Gains
After forming a base above the $0.1050 level, Dogecoin price started a decent increase. DOGE cleared the $0.1150 resistance to move into a positive zone like Bitcoin and Ethereum. The price even climbed above the $0.120 level and the 100-hourly simple moving average.
A high was formed at $0.1264 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1167 swing low to the $0.1264 high.
Dogecoin is now trading above the $0.1220 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1195 on the hourly chart of the DOGE/USD pair. If there is a fresh increase, the price might face resistance near the $0.1265 level.
The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance might send the price toward the $0.1450 resistance. Any more gains might send the price toward the $0.150 level. The next major stop for the bulls might be $0.1620.
Another Decline In DOGE?
If DOGE’s price fails to gain pace above the $0.1265 level, it could start a downside correction. Initial support on the downside is near the $0.1240 level. The next major support is near the $0.1215 level and the 50% Fib retracement level of the upward move from the $0.1167 swing low to the $0.1264 high.
The main support sits at $0.1195. If there is a downside break below the $0.1195 support, the price could decline further. In the stated case, the price might decline toward the $0.1140 level.
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.
Major Support Levels – $0.1215 and $0.1195.
Major Resistance Levels – $0.1265 and $0.1450.
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