Dogecoin has started a steady rise above $0.130 against the US dollar. DOGE is currently in consolidation and could decline if it falls below $0.1275.
- DOGE price started a up-to-date rally above $0.1280 and $0.130.
- The price is above the $0.130 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 0.1315 (data source from Kraken).
- The price may look to move higher again if it remains stable above $0.1280.
Dogecoin price consolidates gains
Dogecoin price has started a up-to-date rally after settling above $0.1280, along with Bitcoin and Ethereum. DOGE climbed above the resistance at $0.130 and entered the positive zone.
The bulls managed to push the price above $0.1320. The highest level was formed at USD 0.1352 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 $0.1198 to a high of $0.1352.
Dogecoin price is currently trading below the $0.130 level and the 100-hour basic moving average. Additionally, a bullish trend line is forming on the hourly chart of the DOGE/USD pair with support at USD 0.1315.
If another rally occurs, immediate upside resistance will be near the $0.1350 level. The first major resistance for bulls may be near the $0.1380 level. The next major resistance is near the $0.1420 level. A close above the resistance at $0.1420 could send the price towards $0.1460. Any further gains could push the price towards $0.150. The next major stop for bulls could be $0.1550.
Minus break in DOGE?
If the DOGE price does not rise above the $0.1350 level, it could start a downward correction. Initial downside support is located near the $0.1310 level and the trend line. The next major support is located near the $0.1275 level and the 50% Fib retracement level, which is an upward move from the low of $0.1198 to the high of $0.1352.
The main support is located at USD 0.1235. If there is a break below the support at $0.1235, the price may decline further. In this case, the price may drop towards the level of USD 0.1220 or even USD 0.120 in the brief 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 below the 50 level.
Major support levels – USD 0.1310 and USD 0.1275.
Major resistance levels – USD 0.1350 and USD 0.1380.
