Dogecoin is up over 20% and trading above the $0.1650 support zone against the US Dollar. DOGE needs to break through the $0.1780 resistance to continue rising.
- DOGE price started a significant increase above the $0.1500 resistance level.
- The price is trading above the $0.1650 level and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $0.1715 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rise if it breaks the $0.1780 and $0.1800 resistance levels.
Dogecoin price eyes more gains
Dogecoin price started a fresh rise above the $0.1450 and $0.150 resistance levels. DOGE price gained over 20%, beating Bitcoin and Ethereum. The bulls managed to push the price above the $0.1650 resistance.
A high was formed at $0.1796 and the price is now consolidating its gains. It maintains its gains above the $0.1720 level. There is also a key bullish trend line forming with support at $0.1715 on the hourly chart of the DOGE/USD pair. The trendline is well above the 23.6% Fibonacci retracement level of the upward move from the $0.1275 low to $0.1794 high.
Dogecoin price is now trading above the $0.1650 level and the 100 hourly simple moving average. Immediate resistance on the upside is near the $0.1765 level. The next major resistance is near the $0.1780 level.
A close above the $0.1780 resistance could send the price towards the $0.1800 resistance. Any further gains could push the price towards the $0.1850 level. The next major stop for the bulls could be $0.2000.
Are dips supported in DOGE?
If DOGE price fails to rise above the $0.1780 level, it could begin a further decline. Initial support on the downside is near the $0.1715 level and the trendline. The next major support is near the $0.1675 level.
The main support lies at $0.1630. If there is a downward break below the $0.1630 support, the price could decline further. In the stated case, the price could decline to the level of $0.1500 or even $0.1420 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.1715 and $0.1675.
Major resistance levels – $0.1780 and $0.1800.
