Dogecoin failed to surpass USD 0.1120 and corrected gains against the US dollar. DOGE bulls are active near USD 0.1080 and could push it higher again.
- DOGE price is expecting an upside break above $0.1120.
- The price is trading above the USD 0.1080 level and the 100-hour simple moving average.
- There was a break below a key bullish trendline with support at $0.1090 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could rise again if it crosses the USD 0.1100 and USD 0.1120 resistance levels.
Dogecoin price eyes upside breakout
Dogecoin price extended its rise above the $0.1100 resistance zone. It even spiked above $0.1110 before the bears appeared. DOGE started a downward correction from the high of $0.1111, just like Bitcoin and Ethereum.
There was a move below the USD 0.1100 and USD 0.1095 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $0.1037 swing low to the $0.1111 high. Additionally, there was a break below a key bullish trendline with support at $0.1090 on the hourly chart of the DOGE/USD pair.
However, the bulls were active around $0.1075. They protected the 50% Fib retracement level of the upward move from the $0.1037 swing low to the $0.1111 high. The Dogecoin price is now trading above the $0.1080 level and the 100-hourly moving average.
The immediate resistance on the upside is near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the resistance at $0.1120 could send the price towards the resistance at $0.1132. Any further gains could send the price towards the USD 0.1150 level. The next big stop for the bulls could be $0.1200.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.1095 level, it could trigger another decline. The initial downside support is near the $0.1080 level. The next major support is near the $0.1065 level.
The main support is at $0.1050. If there is a downside break below the USD 0.1050 support, the price could fall further. In the mentioned case, the price could drop to the $0.1000 level or even $0.0950 in the short 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 below the 50 level.
Major support levels – $0.1065 and $0.1050.
Major resistance levels – $0.1095 and $0.1120.
Credit : www.newsbtc.com
