Dogecoin rose well above $0.0920 against the US Dollar. DOGE is now consolidating and looking to rest on the upside above $0.0955.
- The price of DOGE started a new high above $0.0920 and $0.0925.
- The price is trading above the level of $0.0925 and the 100-hour simple moving average.
- There was a break above the bearish trend line and resistance at $0.0935 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may be headed for a new high if it sustains above $0.0925.
The price of Dogecoin is very high
Dogecoin price started a new high after settling above $0.0920, if Bitcoin and Ethereum. DOGE rose above $0.0920 to resist entry into positive territory.
There was a break above the bearish trend line and resistance at $0.0935 on the hourly chart of the DOGE/USD pair. The bulls were able to push the price above $0.0940. A high was made at $0.0957 and the price is now fixing some gains. There was a move below the 23.6% Fib retracement level of the up from the $0.0897 swing low to the $0.0957 high.
The price of Dogecoin is now trading above the level of $0.0925 with 100 hours simple moving average. If there is another increase, the immediate resistance on the surface is near the $0.0950 level. The first major resistance of the bulls could be near the $0.0955 level.
The next major resistance is near the $0.0980 level. A close above the $0.0980 resistance could send the price to $0.1020. Any further gains could send the price to $0.1050. The next big stop for the bulls would be $0.1120.
Another Refusal to DOGE?
If the price of DOGE fails to rise above the level of $0.09550, it may trigger a correction. The initial support on the downside is near the $0.0928 level. The next major support is near the $0.0920 level or the 61.8% Fib retracement level of up from the $0.0897 swing low to the $0.0957 high.
The main support is $0.090. If there is a break below the $0.090 support, the price could go down significantly. In the said case, the price may drop to the level of $0.0880 or $0.0865 soon.
Technical Indicators
Hourly MACD – The MACD of DOGE/USD is now losing strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI of DOGE/USD is now above the 50 level.
Major Support Levels – $0.0925 and $0.0920.
Major Resistance Levels – $0.0955 and $0.0980.
