Dogecoin started a decent increase above $0.0950 against the US Dollar. DOGE is now consolidating and might aim for an upside break above $0.10.
DOGE price started a fresh increase above $0.0950 and $0.0975.
The price is trading above the $0.0965 level and the 100-hourly simple moving average.
There is a bullish trend line forming with support at $0.0970 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could aim for a fresh increase if it remains stable above $0.0950.
Dogecoin Price Aims Higher
Dogecoin price started a fresh increase after it settled above $0.0950, like Bitcoin and Ethereum. DOGE climbed above the $0.09650 resistance to enter a positive zone.
The bulls were able to push the price above $0.0980. A high was formed at $0.0997 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.0945 swing low to the $0.0997 high.
Dogecoin price is now trading above the $0.0965 level and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $0.0970 on the hourly chart of the DOGE/USD pair.
If there is another increase, immediate resistance on the upside is near the $0.0990 level. The first major resistance for the bulls could be near the $0.0995 level.
The next major resistance is near the $0.10 level. A close above the $0.10 resistance might send the price toward $0.1120. Any more gains might send the price toward $0.1150. The next major stop for the bulls might be $0.120.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.10 level, it could start a downside correction. Initial support on the downside is near the $0.0970 level and the trend line. The next major support is near the $0.0965 level or the 61.8% Fib retracement level of the upward move from the $0.0945 swing low to the $0.0997 high.
The main support sits at $0.0945. If there is a downside break below the $0.0945 support, the price could decline further. In the stated case, the price might slide toward the $0.0905 level or even $0.090 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.
Major Support Levels – $0.0970 and $0.0965.
Major Resistance Levels – $0.0995 and $0.1000.
