Dogecoin is rising above the $0.120 resistance area against the US Dollar. DOGE is now showing positive signs and may clear the $0.1280 resistance.
- DOGE price started a new uptrend above the resistance level of $0.1200.
- The price is trading above the $0.1220 level and the 100-hour simple moving average.
- There was a break above the major bearish channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1250 and $0.1280 resistance levels.
Dogecoin Price Returns Drawdown
Dogecoin price started a new rise above the $0.1100 resistance area. DOGE gained strength by moving above the $0.1200 resistance area, beating Bitcoin and Ethereum. There was also a move above the $0.1250 and $0.1265 resistance levels.
During the rise, there was a break above the major bearish channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. The pair traded as high as $0.1297 and has recently seen a minor upside correction.
The price dropped below the $0.1265 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high. Dogecoin price is now trading above the $0.1200 level and the 100-hour simple moving average.
The immediate resistance on the upside is near the $0.1280 level. The next major resistance is near the $0.1300 level. A close above the $0.1300 resistance could send the price to the $0.1320 resistance. Any further gains could send the price to the $0.1350 level. The next big stop for the bulls would be $0.1400.
Are Dips supported in DOGE?
If the price of DOGE fails to rise above the $0.1280 level, it may start another decline. The first support on the downside is near the $0.1235 level. The next major support is near the $0.1200 level and the 50% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high.
Key support remains at $0.1175. If there is a break below the support of $0.1175, the price may fall further. In the mentioned scenario, the price may drop to the level of $0.1150 or $0.1120 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 – $0.1235 and $0.1200.
Major Resistance Levels – $0.1280 and $0.1300.
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