Dogecoin (DOGE) Eyes Breakout: Could an Upside Rally Spark Full-On Recovery?
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Dogecoin started a fresh increase from the $0.1500 zone against the US Dollar. DOGE is consolidating and might aim for an upside break above the $0.1650 resistance.
DOGE price started a decent upward move above the $0.1550 level.
The price is trading above the $0.1580 level and the 100-hourly simple moving average.
There is a short-term bullish trend line forming with support at $0.1590 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh increase if it clears the $0.1650 resistance zone.
Dogecoin Price Turns Red
Dogecoin price started a fresh decline after it failed to clear $0.1640, unlike Bitcoin and like Ethereum. DOGE dipped below the $0.1620 and $0.1600 support levels.
The bears were able to push the price below the $0.1565 support level. It even traded close to the $0.1550 support. A low was formed at $0.1558 and the price recently corrected some losses. There was a minor move above the 50% Fib retracement level of the downward move from the $0.1635 swing high to the $0.1558 low.
Dogecoin price is now trading above the $0.1580 level and the 100-hourly simple moving average. Besides, there is a short-term bullish trend line forming with support at $0.1590 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.1620 level and the 76.4% Fib retracement level of the downward move from the $0.1635 swing high to the $0.1558 low. The first major resistance for the bulls could be near the $0.1640 level.
The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance might send the price toward the $0.1720 resistance. Any more gains might send the price toward the $0.1780 level. The next major stop for the bulls might be $0.1800.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1620 level, it could start another decline. Initial support on the downside is near the $0.1590 level. The next major support is near the $0.1565 level.
The main support sits at $0.1550. If there is a downside break below the $0.1550 support, the price could decline further. In the stated case, the price might decline toward the $0.1500 level or even $0.1450 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 – $0.1590 and $0.1550.
Major Resistance Levels – $0.1620 and $0.1640.
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* 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.
