Dogecoin (DOGE) Eyes Breakout — Can Bulls Unleash the Next Surge?

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Dogecoin started a fresh increase above the $0.1680 zone against the US Dollar. DOGE is now consolidating and might aim for a move above $0.1720.

  • DOGE price started a fresh increase above the $0.1650 and $0.1680 levels.

  • The price is trading above the $0.1680 level and the 100-hourly simple moving average.

  • There is a bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could start a fresh rally if it clears the $0.1720 and $0.1750 resistance levels.

Dogecoin Price Eyes More Gains

Dogecoin price started a fresh increase from the $0.1650 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.1665 and $0.1680 resistance levels.

The bulls even pushed the price above the $0.170 resistance. There was a steady increase and the price even spiked above the 50% Fib retracement level of the downward move from the $0.1722 swing high to the $0.1657 low.

Dogecoin price is now trading above the $0.1680 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.1720 level. The first major resistance for the bulls could be near the $0.1730 level or the 61.8% Fib retracement level of the downward move from the $0.1722 swing high to the $0.1657 low.

Dogecoin Price

The next major resistance is near the $0.1750 level. A close above the $0.1750 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.200 level. The next major stop for the bulls might be $0.2120.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1750 level, it could start another decline. Initial support on the downside is near the $0.1680 level or the trend line zone. The next major support is near the $0.1650 level.

The main support sits at $0.1610. If there is a downside break below the $0.1610 support, the price could decline further. In the stated case, the price might decline toward the $0.1550 level or even $0.1520 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 – $0.1680 and $0.1650.

  • Major Resistance Levels – $0.1720 and $0.1750.

* 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.

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