Dogecoin (DOGE) Jumps Higher: Can the Momentum Continue?

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Dogecoin is recovering from the $0.1020 zone against the US dollar. DOGE is currently showing positive signs and may overcome the resistance at $0.1165.

  • DOGE price has started a modern rally above the $0.1100 resistance level.
  • The price is above the $0.1120 level and the 100-hour straightforward moving average.
  • On the hourly chart, the DOGE/USD pair broke above the main bearish trend line with resistance at USD 0.1100 (data source Kraken).
  • The price may gain bullish momentum if it breaks through the $0.1165 and $0.1180 resistance levels.

Dogecoin price is starting to recover

Dogecoin price has fallen towards the $0.100 support. DOGE was already trading at $0.1012 and recently started a modern rally, just like Bitcoin and Ethereum. There has been a move above the $0.1060 and $0.1080 resistance levels.

The price has broken above the resistance level at USD 0.1120. There has been a break above the major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair. The stock traded above the 23.6% Fib retracement level of the bearish wave from a high of $0.1320 to a low of $0.1012.

Dogecoin price is currently trading above the $0.1120 level and the 100-hour straightforward moving average. Immediate upside resistance is located near the $0.1165 level. It is close to the 50% Fib retracement level of the bearish wave from the high of $0.1320 to the low of $0.1012.

The next major resistance is near the $0.1180 level. A close above the resistance at $0.1180 could push the price towards the resistance at $0.1240. Any further gains could push the price towards the $0.1265 level. The next major stop for bulls could be $0.1320.

Another DOGE decline?

If the DOGE price does not rise above the $0.1165 level, another decline could begin. Initial downside support is near the $0.1120 level. The next vital support is near the USD 0.1100 level.

The main support is located at USD 0.1080. If there is a break below the support at $0.1080, the price may decline further. In the above case, the price may drop towards the level of USD 0.1020 or even USD 0.0980 in the tiny 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.

Major support levels – USD 0.1120 and USD 0.1080.

Major resistance levels – $0.1165 and $0.1240.

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