Dogecoin started a new increase from the $0.0850 area against the US Dollar. DOGE now faces hurdles near $0.090 and may be aiming for a bigger rally.
- DOGE price started a good upward movement above $0.0850 and $0.0880.
- The price is trading above the $0.0870 level and the 100 hourly simple moving average.
- There is an uptrend line forming with support at $0.0870 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can continue to rise if it remains above $0.0850.
Dogecoin price faces hurdles
Dogecoin price remained supported above the $0.0850 area and started a new increase, e.g Bitcoin and Ethereum. DOGE rose above the $0.0865 and $0.0870 resistance levels.
The price rose more than 2% and tested the $0.0890 area. There was a move above the 38.2% Fib retracement level of the downward move from the high of $0.0920 to the low of $0.0855. Additionally, there is an uptrend line forming with support at $0.0870 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.0870 level and the 100 hourly simple moving average. If the bulls remain active, the price may try to rise again. Immediate resistance on the upside is near the $0.0890 level and the 50% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0855 swing low.
The first major resistance for the bulls could be near the $0.0905 level. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance level could send the price towards the $0.0950 resistance level. Any further gains could send the price towards the $0.10 level. The next major stop for the bulls could be $0.1050.
Another decline in DOGE?
If DOGE price fails to rise above the $0.090 level, it may continue to move lower. Initial support on the downside is located near the $0.0870 level. The next major support is located near the $0.0855 level.
The main support is located at $0.0850. If a bearish breakout occurs below the $0.0850 support level, the price may fall further. In the mentioned case, the price may fall towards the $0.0820 level or even $0.080 in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.0870 and $0.0855.
Major resistance levels – $0.090 and $0.10.
