Dogecoin is rising above the $0.1350 resistance area against the US Dollar. DOGE is now showing positive signs and may clear the $0.1450 resistance.
- DOGE price started a new uptrend above the resistance level of $0.1320.
- The price is trading above the $0.1350 level and the 100-hour simple moving average.
- There is an important trend line forming at the $0.1420 support on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can gain bullish momentum if it clears the resistance levels of $0.1450 and $0.1465.
Dogecoin Price Eyes More Upsides
Dogecoin price started a new rise above the $0.1200 resistance area. DOGE gained strength by moving 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 as high as $0.1467 and has recently seen a minor correction lower. The price dropped below the $0.1420 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1206 low to $0.1467 high.
However, bulls are active above the $0.1350 level. There is also an important bullish trend line forming at the $0.1420 support on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1320 level and the 100-hour simple moving average. The 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 could send the price to the $0.1520 resistance. Any further gains could send the price to the $0.1550 level. The next big stop for the bulls would be $0.1585.
Are Dips supported in DOGE?
If the price of DOGE fails to rise above the level of $0.1465, it may start another decline. The first support on the downside is near the $0.1420 level. The next major support is near the $0.1400 level.
Key support sits at $0.1335 or the 50% Fib retracement level of the upside from the swing low of $0.1206 to the high of $0.1467. If there is a break below the support of $0.1335, the price may fall further. In the mentioned scenario, the price may drop to the level of $0.1250 or $0.1220 in the near term.
Technical References
Hourly MACD – The DOGE/USD MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1465 and $0.1500.
Major Resistance Levels – $0.1420 and $0.1335.
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