Dogecoin started a new high from $0.0985 against the US Dollar. DOGE could gain momentum if it clears the $0.1085 resistance.
- DOGE price is headed for a break above $0.1085.
- The price is trading above the $0.100 level and the 100-hour simple moving average.
- There was a break above the main bearish line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may rally if it clears the resistance levels of $0.1060 and $0.1085.
The price of Dogecoin is rising again
After a further decline, Dogecoin price found support near the $0.0985 level. A foundation was built, and DOGE began a decent rise like Bitcoin and Ethereum. There was a move above the $0.1020 and $0.1040 resistance levels.
Besides, there was a break above the main bearish line with resistance at $0.1030 on the DOGE/USD hourly chart. The pair crossed the 50% Fib retracement level to the downside from the $0.1084 swing high to the $0.0985 low.
Dogecoin price is now trading above the $0.1040 level and the 100-hour simple moving average. The immediate resistance on the upside is near the $0.1050 level. It is near the 61.8% Fib retracement level of the downside from the $0.1084 swing high to the $0.0985 low.
The next major resistance is near the $0.1060 level. A close above the $0.1060 resistance could send the price to the $0.1085 resistance. Any further gains could send the price to the $0.1150 level. The next big stop for the bulls would be $0.1200.
Another Rejection from DOGE?
If the price of DOGE fails to rise above the $0.1060 level, it may start another decline. The first support on the downside is near the $0.1030 level and the same trend line. The next major support is near the $0.1020 level.
Key support remains at $0.0985. If there is a break below the support of $0.0985, the price may fall further. In the mentioned scenario, the price may drop to $0.0920 or $0.0885 levels 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 – $0.1030 and $0.1000.
Major Resistance Levels – $0.1060 and $0.1085.