Dogecoin is rising above the $0.1350 resistance zone against the US Dollar. DOGE is currently showing positive signs and could surpass the $0.1450 resistance.
DOGE price started a rebound above the $0.1320 resistance level.
The price is trading above the $0.1350 level and the 100 hourly simple moving average.
There is a key bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could rally sharply if it clears the $0.1450 and $0.1465 resistance levels.
Dogecoin Price Heads for More Upside
Dogecoin price started a fresh increase above the $0.1200 resistance zone. DOGE gained traction for a move above the $0.1320 resistance zone, defeating Bitcoin and Ethereum. There was also a move above the $0.1350 and $0.1400 resistance levels.
The price traded as high as $0.1467 and recently saw a minor downside correction. The price dropped below the $0.1420 level. The price traded below the 23.6% Fib retracement level of the upward move from the $0.1206 swing low to $0.1467 high.
However, the bulls are active above the $0.1350 level. There is also a key bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is currently trading above the $0.1320 level and the 100 hourly simple 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 $0.1480 resistance could push the price towards the $0.1520 resistance. Any further gains could push the price towards the $0.1550 level. The next major stop for the bulls could be at $0.1585.
Is Dips supported in DOGE?
If DOGE price fails to break above the $0.1465 level, it could start another decline. The initial support on the downside is near the $0.1420 level. The next major support is near the $0.1400 level.
The main support is at $0.1335 or the 50% Fib retracement level of the upward move from the $0.1206 low to $0.1467 high. If there is a break below the $0.1335 support, the price could decline further. In such a case, the price could drop to $0.1250 or even $0.1220 in the near term.
Technical indicators
Hourly MACD â The MACD for DOGE/USD is currently accelerating in the bullish zone.
Hourly Relative Strength Index (RSI) â The RSI for DOGE/USD is currently above the 50 level.
Major support levels â $0.1465 and $0.1500.
Major resistance levels â $0.1420 and $0.1335.
