Dogecoin started a new increase from the $0.0950 area against the US Dollar. DOGE now faces hurdles near $0.1075 and may be aiming for a bigger rally.
- DOGE price started a good upward movement above $0.100 and $0.1050.
- The price is trading above the $0.1040 level and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $0.1020 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can continue to rise if it remains above $0.10.
Dogecoin prices rise above hurdles
Dogecoin price remained supported above the $0.0965 area and started a new outpacing increase Bitcoin and Ethereum. DOGE rose above the $0.0985 and $0.10 resistance levels.
The price rose more than 8% and tested the $0.1120 area. It corrected some gains sharply and revisited $0.1009. The bulls remained in the action and pushed the price back above $0.1050. There was a move above the 50% Fib retracement level of the downward move from the swing high at $0.1120 to the swing low at $0.1009.
Dogecoin price is now trading above the $0.1050 level and the 100 hourly simple moving average. Additionally, there is a major uptrend line forming with support at $0.1020 on the hourly chart of the DOGE/USD pair.
If the bulls remain active, the price may try to rise again. Immediate resistance on the upside is near the $0.1075 level or the 61.8% Fib retracement level of the downward move from the $0.1120 swing high to the $0.1009 swing low.
The first major resistance for the bulls could be near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance level could send the price towards the $0.1150 resistance level. Any further gains may send the price towards the $0.120 level. The next major stop for the bulls could be $0.1250.
Another decline in DOGE?
If DOGE price fails to rise above the $0.1075 level, it may continue to move lower. Initial support on the downside is located near the $0.1035 level. The next major support is near the $0.1020 level.
The main support is located at $0.10. If a bearish breakout occurs below the $0.10 support level, the price may fall further. In the mentioned case, the price may fall towards the $0.0955 level or even $0.0950 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.
Key support levels – $0.1035 and $0.1020.
Key resistance levels – $0.1075 and $0.1120.
