Dogecoin is rising above the USD 0.1350 resistance zone against the US dollar. DOGE is now showing positive signs and could clear the USD 0.1450 resistance.
- DOGE price started a fresh rise above the USD 0.1320 resistance level.
- The price is trading above the USD 0.1350 level and the 100-hour simple moving average.
- A major bullish trendline is forming with support at $0.1420 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could gain bullish momentum if it crosses the USD 0.1450 and USD 0.1465 resistance levels.
Dogecoin price has more upsides
Dogecoin price started a new rise above the USD 0.1200 resistance zone. DOGE gained traction with a move above the $0.1320 resistance zone, beating Bitcoin and Ethereum. There was also a move above the USD 0.1350 and USD 0.1400 resistance levels.
The price traded as high as $0.1467 and recently saw a small downward correction. The price fell below the $0.1420 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1206 swing low to the $0.1467 high.
However, the bulls are active above the USD 0.1350 level. There is also a major bullish trendline forming with support at $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1320 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.1465 level. The next major resistance is near the $0.1480 level.
A close above the resistance at $0.1480 could send the price towards the resistance at $0.1520. Any further gains could send the price towards the USD 0.1550 level. The next big stop for the bulls could be $0.1585.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.1465 level, it could trigger another decline. The initial downside support is near the $0.1420 level. The next major support is near the $0.1400 level.
The key support is at $0.1335 or the 50% Fib retracement level of the upward move from the $0.1206 swing low to the $0.1467 high. If there is a downside break below the USD 0.1335 support, the price could fall further. In the mentioned case, the price could drop to the $0.1250 level or even $0.1220 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.1465 and $0.1500.
Major resistance levels – $0.1420 and $0.1335.
Credit : www.newsbtc.com
