Dogecoin rose well above $0.1050 against the US Dollar. DOGE is now consolidating and looking to break the upside above $0.1150.
- The price of DOGE started a new rise above $0.1150 and $0.120.
- The price is trading above the $0.1085 level and the 100-hour simple moving average.
- There is a strong trend line forming supported by $0.1085 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may be headed for a new high if it remains stable above $0.1150.
The price of Dogecoin has increased to 0.1120 $
Dogecoin price started a new increase after settling above $0.10, if Bitcoin and Ethereum. DOGE rose above $0.1050 refusing to enter positive territory.
The bulls managed to push the price above $0.1120. A rise was made at $0.1137 and the price is now consolidating above the 23.6% Fib retracement level of the up from the $0.1009 swing low to the $0.1137 high.
Dogecoin price is now trading above the $0.1100 level and around the 100 hourly moving average. There is also a stable line forming with support at $0.1085 on the one-hour chart of the DOGE/USD pair.
If there is another increase, the immediate resistance at the surface is near the level of $0.1135. The first major resistance of the bulls could be near the $0.1150 level.
The next major resistance is near the $0.120 level. A close above the $0.120 resistance could send the price to $0.1220. Any further gains could send the price to $0.1250. The next big stop for the bulls would be $0.1320.
Another Refusal to DOGE?
If the price of DOGE fails to rise above the level of $0.1150, it may initiate a negative correction. The initial support on the downside is near the $0.1100 level. The next major support is near the $0.1085 level or trend line.
The main support is at $0.1075 and the 50% Fib retracement level of the move higher from the $0.1009 swing low to the $0.1137 high. If there is a break below the support of $0.1075, the price may fall further. In the said case, the price may drop to the level of $0.1020 or $0.10 soon.
Technical Indicators
Hourly MACD – The MACD of DOGE/USD is now expanding into bullish territory.
Hourly RSI (Relative Strength Index) – The RSI of DOGE/USD is now above the 50 level.
Major Support Levels – $0.1085 and $0.1075
Major Resistance Levels – $0.1135 and $0.1150.
