Dogecoin has started a decent rally above the $0.0950 resistance against the US dollar. DOGE is showing positive signs and may be aiming for a move above $0.1080.
- DOGE price is gaining momentum above the $0.100 reversal zone.
- The price is trading above the $0.100 level and the 100-hour simple moving average.
- The hourly chart of the DOGE/USD pair (data source: Kraken) shows a breakout of a key bearish trend line with resistance at $0.1000.
- The price may continue to rise if it breaks the $0.1100 resistance zone.
Dogecoin Price Increases Over 10%
In the last few sessions, Dogecoin price has shown decent gains above $0.090, similar to Bitcoin and Ethereum. The price has managed to break the resistance levels of $0.0945 and $0.0950.
It broke the 50% Fibonacci retracement level of the downward move from the swing high of $0.1145 to the low of $0.0804. It also broke above the key bearish trendline with resistance at $0.1000 on the hourly chart of the DOGE/USD pair.
Dogecoin is currently trading above the $0.100 level and the 100-hour simple moving average. However, bears appear to be active near the 76.4% Fibonacci retracement level of the downward move from the $0.1145 swing high to $0.0804 low.
The immediate resistance at the top is around $0.1080. The next major resistance is around $0.1100. A close above the $0.1100 resistance could send the price towards the $0.1145 resistance. Any further gains could send the price towards the $0.1220 level. The next major stop for the bulls could be $0.1250.
Another DOGE decline?
If the DOGE price fails to rise above $0.1100, it may start a new decline. Initial support on the downside is near $0.100. The next important support is near $0.0980 and the 100-hour simple moving average.
The main support is at $0.0950. If there is a break below the $0.0950 support, the price may fall even lower. In this case, the price may fall to $0.0900 or even $0.0880 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 currently above the 50 level.
The main support levels are $0.1000 and $0.0950.
The main resistance levels are $0.1100 and $0.1145.
