Dogecoin has started a decent rally above $0.0950 against the US Dollar. DOGE is currently consolidating and may aim to break above $0.10.
- DOGE price started a novel rally above USD 0.0950 and USD 0.0975.
- The price is above the $0.0965 level and the 100-hour basic moving average.
- A bullish trend line is forming on the hourly chart of the DOGE/USD pair with support at USD 0.0970 (data source from Kraken).
- The price may look to rise again if it remains stable above $0.0950.
Dogecoin price has a higher purpose
Dogecoin price has started a novel rally after settling above $0.0950, along with Bitcoin and Ethereum. DOGE climbed above the resistance at $0.09650 and entered the positive zone.
The bulls managed to push the price above $0.0980. The highest level was formed at USD 0.0997 and the price is currently correcting some increases. There was a move below the 23.6% Fib retracement level as part of an up move from a low of $0.0945 to a high of $0.0997.
Dogecoin price is currently trading above the $0.0965 level and the 100-hour basic moving average. A bullish trendline is also forming on the hourly chart of the DOGE/USD pair with support at USD 0.0970.
If another rally occurs, immediate upside resistance will be near the $0.0990 level. The first major resistance for bulls may be near the $0.0995 level.
The next major resistance is near the $0.10 level. A close above the resistance at $0.10 could send the price towards $0.1120. Any further gains could push the price towards $0.1150. The next major stop for bulls could be $0.120.
Another DOGE decline?
If the DOGE price does not rise above the $0.10 level, it could start a downward correction. Initial downside support is located near the $0.0970 level and the trend line. The next major support is located near the $0.0965 level or the 61.8% Fib retracement level, representing an upward move from the low of $0.0945 to the high of $0.0997.
Major support is located at $0.0945. If there is a break below the support at $0.0945, the price may decline further. In this case, the price may slide towards the level of USD 0.0905 or even USD 0.090 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – $0.0970 and $0.0965.
Major resistance levels – $0.0995 and $0.1000.
