Dogecoin started a fresh increase above the $0.20 zone against the US Dollar. DOGE is now consolidating and might aim for a move above $0.2120.
- DOGE price started a fresh increase above the $0.1880 and $0.20 levels.
- The price is trading above the $0.20 level and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $0.2060 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a fresh rally if it clears the $0.2120 and $0.2180 resistance levels.
Dogecoin Price Eyes More Gains
Dogecoin price started a fresh increase from the $0.1880 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.1950 and $0.200 resistance levels.
The bulls even pushed the price above the $0.2120 resistance. Finally, the price traded close to the $0.2220 resistance. A high was formed at $0.2205 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.1885 swing low to the $0.2205 high.
Dogecoin price is now trading above the $0.2020 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.2060 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.2120 level. The first major resistance for the bulls could be near the $0.2150 level. The next major resistance is near the $0.2220 level. A close above the $0.2220 resistance might send the price toward the $0.2320 resistance. Any more gains might send the price toward the $0.250 level. The next major stop for the bulls might be $0.2650.
Downside Correction In DOGE?
If DOGE’s price fails to climb above the $0.2120 level, it could start a downside correction. Initial support on the downside is near the $0.2060 level or the trend line zone. The next major support is near the $0.2040 level or the 50% Fib retracement level of the upward move from the $0.1885 swing low to the $0.2205 high.
The main support sits at $0.20. If there is a downside break below the $0.20 support, the price could decline further. In the stated case, the price might decline toward the $0.1950 level or even $0.1880 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.2060 and $0.20.
Major Resistance Levels – $0.2120 and $0.2220.
