Dogecoin Price (DOGE) Bounces to $0.125: Will This Rally Sustain?
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Dogecoin started a steady increase above the $0.120 resistance zone against the US Dollar. DOGE is consolidating and might extend its gains above $0.1265.
■ DOGE price is eyeing more gains above the $0.1265 resistance zone.
■ The price is trading above the $0.120 level and the 100-hourly simple moving average.
■ There is a key bullish trend line forming with support at $0.1195 on the hourly chart of the DOGE/USD pair (data source from Kraken).
■ The price could continue to move up if it clears the $0.1265 resistance zone.
Dogecoin Price Eyes More Gains
After forming a base above the $0.1050 level, Dogecoin price started a decent increase. DOGE cleared the $0.1150 resistance to move into a positive zone like Bitcoin and Ethereum. The price even climbed above the $0.120 level and the 100-hourly simple moving average.
A high was formed at $0.1264 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1167 swing low to the $0.1264 high.
Dogecoin is now trading above the $0.1220 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1195 on the hourly chart of the DOGE/USD pair. If there is a fresh increase, the price might face resistance near the $0.1265 level.
The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance might send the price toward the $0.1450 resistance. Any more gains might send the price toward the $0.150 level. The next major stop for the bulls might be $0.1620.
Another Decline In DOGE?
If DOGE’s price fails to gain pace above the $0.1265 level, it could start a downside correction. Initial support on the downside is near the $0.1240 level. The next major support is near the $0.1215 level and the 50% Fib retracement level of the upward move from the $0.1167 swing low to the $0.1264 high.
The main support sits at $0.1195. If there is a downside break below the $0.1195 support, the price could decline further. In the stated case, the price might decline toward the $0.1140 level.
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 – $0.1215 and $0.1195.
Major Resistance Levels – $0.1265 and $0.1450.
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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.
