Dogecoin DOGE Targets $0.150: Will the Rally Take Off?
Dogecoin price breaks above the $0.1350 resistance against the US Dollar. Dogecoin is currently showing positive signs and it could move above the $0.1450 resistance.
DOGE price started to move upwards again above the $0.1320 resistance.
The price is trading above the $0.1350 level and the 100 hourly simple moving average.
A key bullish trend line has formed with support at $0.1420 on the hourly chart of the DOGE/USD pair (data source: Kraken).
The bullish momentum is likely to be gained if the price breaks above the $0.1450 and $0.1465 resistance levels.
Dogecoin price is expected to rise further
Dogecoin price started a fresh increase above the $0.1200 resistance area. Dogecoin price moved above the $0.1320 resistance area, surpassing Bitcoin and Ethereum. Dogecoin price has also broken 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 declined below the $0.1420 level. It traded below the 23.6% Fibonacci retracement level of the up move from the $0.1206 swing low to $0.1467 high.
However, the bulls are active above $0.1350. There is also a key bullish trend line formed with support at $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is currently trading above the $0.1320 and the 100 hourly simple moving average. An 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 level could push the price towards the $0.1520 resistance level. A further rise in the price could push the price towards the $0.1550 level. The next major stop loss for the bulls could be $0.1585.
Does DOGE support dips?
If the price of DOGE fails to break above the $0.1465 level, it could decline again. An initial support on the downside is near $0.1420. The next major support is near $0.1400.
The major support is at $0.1335, which is the 50% Fibonacci retracement level of the upward move from the $0.1206 swing low to $0.1467 high. If there is a break below the $0.1335 support, the price could decline further.In this case, the price might drop towards the $0.1250 or even $0.1220 levels in the short term.
Technical indicators
Hourly MACD â The MACD for DOGE/USD is currently gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) â The RSI for DOGE/USD is now above the 50 level. The main support levels â $0.1465 and $0.1500. The main resistance levels â $0.1420 and $0.1335.
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