Dogecoin started to rise sharply above the resistance of $0.220 against the US dollar. DOGE has increased by over 50% and is showing signs of further bullishness.
The DOGE price has started a new bullish wave similar to Bitcoin and risen above the resistance of $0.220.
The price is trading above $0.2800 and the 100-hour simple moving average.
There is an important bullish trend line forming with support at $0.280 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price may continue to rise if it surpasses the resistance of $0.3050 and $0.3120.
Dogecoin's price is aiming for more bullish targets
Dogecoin's price started to rise sharply after reclaiming the resistance level of $0.200, similar to Bitcoin and Ethereum. DOGE has managed to accelerate to break through the resistance of $0.2200 and $0.250.
This currency pair even surged above $0.3000. A high was formed at $0.3036, and the price is currently consolidating above the 23.6% Fib retracement level of the move from the low of $0.2013 to the high of $0.3036. There is also an important bullish trend line forming with support at $0.280 on the hourly chart of the DOGE/USD pair.
Dogecoin's price is currently trading above $0.2880 and the 100-hour simple moving average. The immediate resistance above is near the $0.300 level. The next major resistance is near the $0.3050 level.
Closing above the resistance of $0.3050 could push the price to the resistance of $0.3120. Any further increase could push the price to $0.34500. The next major stop for buyers could be $0.350.
Is there a limit to dips in DOGE?
If the DOGE price fails to surpass the $0.3050 level, it may start to correct downwards. The initial support on the downside is near the $0.280 level and the trend line. The next major support is near the $0.2680 level.
The main support level is at $0.2550 or the 50% Fib retracement level of the move from the low of $0.2013 to the high of $0.3036. If there is a break below the support at $0.2550, the price could drop further. In that case, the price could fall to $0.2420 or even $0.2350 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is currently above 50.
Major support levels – $0.280 and $0.2680.
Major resistance levels – $0.3000 and $0.3050.
