Dogecoin (DOGE) Poised for Another Rally: Can Bulls Go Higher?

Dogecoin is consolidating above the $0.1320 support zone against the US dollar. DOGE needs to clear resistance at $0.1425 to start another rally.

DOGE price has started a downward correction from the $0.1500 resistance level.
The price is below the $0.1420 level and the 100-hour straightforward moving average.
A key bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at $0.1425 (data source from Kraken).
The price may gain bullish momentum if it breaks the $0.1425 and $0.1450 resistance levels.

Dogecoin price is seeing an upward trend

Dogecoin price has started a downward correction from the resistance zone at $0.1500. DOGE fell below the $0.1450 and $0.1420 levels. The low has formed at $0.1330 and the price is currently recovering from losses like Bitcoin and Ethereum.

There was also a move above the $0.1350 and $0.1380 resistance levels. The price has breached the 50% Fib retracement level resulting from a downward move from the high of $0.1482 to the low of $0.1330. However, bears are dynamic near the resistance zone at USD 0.1425.

A key bearish trend line is also forming on the hourly chart of DOGE/USD with resistance at $0.1425. The trendline is near the 61.8% Fib retracement level resulting from a downward move from a high of $0.1482 to a low of $0.1330.

Dogecoin price is currently trading below the $0.1420 level and the 100-hour straightforward moving average. Immediate upside resistance is located near the $0.1425 level. The next major resistance is near the $0.1450 level.

A close above the resistance at $0.1450 could push the price towards the resistance at $0.1500. Any further gains could push the price towards the $0.1550 level. The next major stop for bulls could be $0.1585.

Another DOGE drop?

If the DOGE price does not rise above the $0.1425 level, another decline could begin. Initial downside support is near the $0.1365 level. The next significant support is near the USD 0.1350 level.

The main support is located at USD 0.1320. If there is a break below the support at $0.1320, the price may decline further. In the given case, the price may fall towards the level of USD 0.1250 or even USD 0.1220 in the tiny term.

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 near the 50 level.

Major support levels – USD 0.1365 and USD 0.1320.

Major resistance levels – $0.1425 and $0.1450.