Dogecoin (DOGE) Rockets Ahead: Will the Rally Hold?

Dogecoin is up over 20% and trading above the $0.1650 support zone against the US Dollar. DOGE must clear the $0.1780 resistance to continue higher.

• DOGE price started a major increase 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 key bullish trend line forming with support at $0.1715 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to rise if it clears the $0.1780 and $0.1800 resistance levels.

Dogecoin Price Eyes More Gains

Dogecoin price started a fresh surge above the $0.1450 and $0.150 resistance levels. DOGE price gained over 20%, beating Bitcoin and Ethereum. The bulls were able to pump the price above the $0.1650 resistance.

A high was formed at $0.1796 and the price is now consolidating gains. It is holding gains above the $0.1720 level. There is also a key bullish trend line forming with support at $0.1715 on the hourly chart of the DOGE/USD pair. The trend line is well above the 23.6% Fib retracement level of the upward move from the $0.1275 swing low to the $0.1794 high.

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 might send the price toward the $0.1800 resistance. Any more gains might send the price toward the $0.1850 level. The next major stop for the bulls might be $0.2000.

Are Dips Supported In DOGE?

If DOGE’s price fails to climb above the $0.1780 level, it could start another decline. Initial support on the downside is near the $0.1715 level and the trend line. The next major support is near the $0.1675 level.

The main support sits at $0.1630. If there is a downside break below the $0.1630 support, the price could decline further. In the stated case, the price might decline toward 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.

Major Support Levels – $0.1715 and $0.1675.

Major Resistance Levels – $0.1780 and $0.1800.