Dogecoin is up over 20% and is trading above the $0.1650 support zone against the US dollar. DOGE needs to clear the resistance at $0.1780 to continue higher.
- DOGE price has started a significant rally above the $0.1500 resistance level.
- The price is above the $0.1650 level and the 100-hour uncomplicated moving average.
- A key bullish trendline is forming on the hourly chart of DOGE/USD with support at $0.1715 (data source from Kraken).
- The price may continue to rise if it breaks the $0.1780 and $0.1800 resistance levels.
Dogecoin price means more profits
Dogecoin price has started a novel rally above the $0.1450 and $0.150 resistance levels. DOGE’s price rose by over 20%, beating out Bitcoin and Ethereum. The bulls managed to push the price above the resistance at USD 0.1650.
The maximum was formed at USD 0.1796 and the price is currently consolidating its gains. Maintains gains above $0.1720. A key uptrend line is also forming on the hourly chart of DOGE/USD with support at $0.1715. The trendline is well above the 23.6% Fib retracement level, a sign of an upward move from the low of $0.1275 to the high of $0.1794.
Dogecoin price is currently trading above the $0.1650 level and the 100-hour uncomplicated moving average. Immediate upside resistance is located near the $0.1765 level. The next major resistance is near the $0.1780 level.
A close above the resistance at $0.1780 could push the price towards the resistance at $0.1800. Any further increases could push the price towards the $0.1850 level. The next major stop for bulls could be $0.2000.
Are dips supported in DOGE?
If the DOGE price does not rise above the $0.1780 level, another decline could begin. Initial downside support is located near the $0.1715 level and the trend line. The next essential support is near the $0.1675 level.
The main support is located at USD 0.1630. If there is a break below the support at $0.1630, the price may decline further. In this case, the price may drop towards USD 0.1500 or even USD 0.1420 in the brief 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 0.1715 and USD 0.1675.
Major resistance levels – $0.1780 and $0.1800.
