The Dogecoin exchange rate against the US dollar started to rise from the $0.0985 support level. If Dogecoin can break through the $0.1085 resistance level, it is expected to usher in further gains.
DOGE price has a chance to break above $0.1085
The price is currently above the $0.100 level and the 100 hourly simple moving average.
There was a successful break above a key bearish trend line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair.
If the price can clear the $0.1060 and $0.1085 resistance levels, an up move is likely.
Dogecoin price climbs again
After a period of steady decline, the price of Dogecoin found support near $0.0985. After the foundation was laid, Dogecoin started to show a good upward trend like Bitcoin and Ethereum. It broke through the $0.1020 and $0.1040 resistance levels.
Moreover, the pair broke a key bearish trend line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair. The pair also broke the 50% Fibonacci retracement level of the downward move from the $0.1084 high to $0.0985 low.
Dogecoin price is currently trading above the $0.1040 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $0.1050 level. It is close to the 61.8% Fibonacci retracement level of the down move from the $0.1084 swing high to $0.0985 low.
The next major resistance is near the $0.1060 level. A close above the $0.1060 resistance level could prompt the price to move towards the $0.1085 resistance level. If the price continues to rise, a move towards $0.1150 is likely. The next major stop for the bulls could be $0.1200.
Will DOGE face rejection again?
If the price of DOGE fails to break above the $0.1060 level, then it is likely to decline again. An initial support on the downside is near the $0.1030 level and near the same trend line. The next major support is near the $0.1020 level. The main support is at $0.0985. If there is a break below the $0.0985 support, the price is likely to decline further. In such a case, the price might decline towards the $0.0920 or even $0.0885 levels in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently 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 – $0.1030 and $0.1000.
Major Resistance Levels – $0.1060 and $0.1085.
