Dogecoin rose well above $0.0950 against the US Dollar. DOGE is now consolidating and looking to break above $0.10.
- The price of DOGE started a new high above $0.0950 and $0.0975.
- The price is trading above the $0.0965 level and the 100-hour simple moving average.
- There is a strong bullish trend forming supported by $0.0970 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 $0.0950.
The price of Dogecoin is very high
The price of Dogecoin started a new increase after settling above $0.0950, if Bitcoin and Ethereum. DOGE rose above $0.09650 to resist entry into positive territory.
The bulls were able to push the price above $0.0980. A high was made at $0.0997 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the up from the $0.0945 swing low to the $0.0997 high.
Dogecoin price is now trading above the $0.0965 level and around the 100 hourly moving average. There is also a bullish line forming with support at $0.0970 on the hourly chart of the DOGE/USD pair.
If there is another increase, the immediate resistance to the upside is near the $0.0990 level. The first major resistance of 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 could send the price to $0.1120. Any further gains could send the price to $0.1150. The next big stop for the bulls would be $0.120.
Another Refusal to DOGE?
If the DOGE price fails to rise above the $0.10 level, it may trigger a correction. The 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 up from the $0.0945 swing low to the $0.0997 high.
The main support is $0.0945. If there is a break below the support of $0.0945, the price may drop further. In the said case, the price may drop to the level of $0.0905 or $0.090 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 – $0.0970 and $0.0965.
Major Resistance Levels – $0.0995 and $0.1000.
