Dogecoin has started a decent rally above $0.1050 against the US Dollar. DOGE is currently consolidating and may aim to break higher above $0.1150.
- DOGE price started a recent rally above $0.1150 and $0.120.
- The price is above the $0.1085 level and the 100-hour elementary moving average.
- A bullish trend line is forming on the hourly chart of the DOGE/USD pair with support at USD 0.1085 (data source from Kraken).
- The price may look to rise again if it remains stable above $0.1150.
Dogecoin price rises above $0.1120
Dogecoin price has started a recent rally after settling above $0.10, along with Bitcoin and Ethereum. DOGE climbed above the resistance at $0.1050 and entered the positive zone.
The bulls managed to push the price above $0.1120. The high formed at $0.1137 and the price is currently consolidating above the 23.6% Fib retracement level resulting from the upward movement from the low of $0.1009 to the high of $0.1137.
Dogecoin price is currently trading above the $0.1100 level and the 100-hour elementary moving average. A bullish trend line is also forming on the hourly chart of the DOGE/USD pair with support at USD 0.1085.
If another rally occurs, immediate upside resistance will be near the $0.1135 level. The first major resistance for bulls may be near the $0.1150 level.
The next major resistance is near the $0.120 level. A close above the resistance at $0.120 could send the price towards $0.1220. Any further gains could push the price towards $0.1250. The next major stop for bulls could be $0.1320.
Another DOGE decline?
If the DOGE price does not rise above the $0.1150 level, it could start a downward correction. Initial downside support is located near the $0.1100 level. The next major support is located near the $0.1085 level or trendline.
Major support is located at $0.1075 and the 50% Fib retracement level, representing an upward move from the low of $0.1009 to the high of $0.1137. If there is a break below the support at $0.1075, the price may decline further. In this case, the price may slide towards the level of USD 0.1020 or even USD 0.10 in the near future.
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.
Major support levels – $0.1085 and $0.1075
Major resistance levels – USD 0.1135 and USD 0.1150.
