Dogecoin started a fresh increase above the $0.20 zone against the US Dollar. DOGE is now consolidating and might aim for a move above $0.2120.
DOGE price started a fresh increase above the $0.1880 and $0.20 levels.
The price is trading above the $0.20 level and the 100-hourly simple moving average.
There is a bullish trend line forming with support at $0.2060 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh rally if it clears the $0.2120 and $0.2180 resistance levels.
Dogecoin Price Eyes More Gains
Dogecoin price started a fresh increase from the $0.1880 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.1950 and $0.200 resistance levels.
The bulls even pushed the price above the $0.2120 resistance. Finally, the price traded close to the $0.2220 resistance. A high was formed at $0.2205 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.1885 swing low to the $0.2205 high.
Dogecoin price is now trading above the $0.2020 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.2060 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.2120 level. The first major resistance for the bulls could be near the $0.2150 level. The next major resistance is near the $0.2220 level. A close above the $0.2220 resistance might send the price toward the $0.2320 resistance. Any more gains might send the price toward the $0.250 level. The next major stop for the bulls might be $0.2650.
Downside Correction In DOGE?
If DOGE’s price fails to climb above the $0.2120 level, it could start a downside correction. Initial support on the downside is near the $0.2060 level or the trend line zone. The next major support is near the $0.2040 level or the 50% Fib retracement level of the upward move from the $0.1885 swing low to the $0.2205 high.
The main support sits at $0.20. If there is a downside break below the $0.20 support, the price could decline further. In the stated case, the price might decline toward the $0.1950 level or even $0.1880 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 – $0.2060 and $0.20.
Major Resistance Levels – $0.2120 and $0.2220.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
