$DOGE Ready for a big move higher!

Dogecoin price breaks above $0.160 resistance against the US Dollar. Dogecoin maintains gains and is expected to move above $0.1650.

DOGE price is moving above the $0.160 resistance area. The price is trading above the $0.160 level and the 100 hourly simple moving average. There is a key bullish trend line forming on the hourly chart of DOGE with support near $0.160. The price must settle above $0.1650 to gain bullish momentum and continue higher.

In the past few sessions, Dogecoin price started a steady increase above the $0.1500 area, just like bitcoin and Ethereum. Dogecoin bulls were able to push the price above the $0.160 resistance area.

The recent swing high was formed at $0.1646 and later the price started a downside correction below the $0.1620 support area. The price surged below the 23.6% Fibonacci retracement level of the $0.1571 swing low to $0.1646 high.

Dogecoin is currently trading above the $0.160 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $0.160 on the hourly chart of the DOGE/USD pair.

On the upside, the price is facing resistance near the $0.1640 level. The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance level could push the price towards the $0.1720 resistance level. If the price rises further, it could push towards the $0.1750 level. The next major stop for the bulls could be the $0.1800 level.

If the DOGE price fails to break above the $0.1650 level, it could decline again. An initial support on the downside is near the $0.160 level and the trendline. It is close to the 50% Fibonacci retracement level of the upward move from the $0.1571 swing low to $0.1646 high.

The next major support is near the $0.1580 level. If it breaks below the $0.1580 support, the price is likely to decline further. In this case, the price could drop towards the $0.1520 level.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Main support levels - $0.1620, $0.1600 and $0.1580.

Main resistance levels - $0.1640, $0.1650 and $0.1720.

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