Dogecoin is up more than 20% and is trading above the $0.1650 support zone against the US Dollar. DOGE should clear the $0.1780 resistance to continue higher.
- The price of DOGE started a big move above the resistance level of $0.1500.
- The price is trading above the $0.1650 level and the 100-hour simple moving average.
- There is an important trend line forming with support at $0.1715 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can continue to rise if it clears the resistance levels of $0.1780 and $0.1800.
Dogecoin Price Eyes Many Benefits
Dogecoin price started a new increase above the resistance levels of $0.1450 and $0.150. The price of DOGE has gained more than 20%, surpassing Bitcoin and Ethereum. The bulls managed to pump the price above the $0.1650 resistance.
A high was formed at $0.1796 and the price is now covering gains. It held gains above the $0.1720 level. There is also an important bullish trendline 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 from the $0.1275 swing low to the $0.1794 high.
Dogecoin price is now trading above the $0.1650 level and the 100-hour simple moving average. The 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 could send the price to the $0.1800 resistance. Any further gains could send the price to the $0.1850 level. The next big stop for the bulls would be $0.2000.
Are Dips supported in DOGE?
If the price of DOGE fails to rise above the $0.1780 level, it may start another decline. The first support on the downside is near the $0.1715 level and the trend line. The next major support is near the $0.1675 level.
Key support remains at $0.1630. If there is a break below the support of $0.1630, the price may fall further. In the mentioned scenario, the price may drop to the level of $0.1500 or even $0.1420 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 – $0.1715 and $0.1675.
Major Resistance Levels – $0.1780 and $0.1800.
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