Dogecoin is rising above the $0.120 resistance zone against the US dollar. DOGE is currently showing positive signs and may overcome the resistance at $0.1280.
- DOGE price has started a novel rally above the $0.1200 resistance level.
- The price is above the $0.1220 level and the 100-hour basic moving average.
- There has been a break above the main descending channel with resistance at USD 0.1170 on the hourly chart of DOGE/USD (data source Kraken).
- The price may gain bullish momentum if it breaks through the $0.1250 and $0.1280 resistance levels.
Dogecoin price regains traction
Dogecoin price has started a novel rally above the $0.1100 resistance zone. DOGE gained traction with a move above the $0.1200 resistance zone, outperforming Bitcoin and Ethereum. There was also a move above the $0.1250 and $0.1265 resistance levels.
During the rally, there was a break above the main descending channel with resistance at USD 0.1170 on the hourly chart of the DOGE/USD pair. The pair’s quotations reached the level of USD 0.1297, and recently there has been a slight downward correction.
The price fell below the level of $0.1265. The stock was trading below the 23.6% Fib retracement level resulting from the upward move from a low of $0.1101 to a high of $0.1297. Dogecoin price is currently trading above the $0.1200 level and the 100-hour basic moving average.
Immediate upside resistance is located near the $0.1280 level. The next major resistance is near the $0.1300 level. A close above the resistance at $0.1300 could push the price towards the resistance at $0.1320. Any further gains could push the price towards the $0.1350 level. The next major stop for bulls could be $0.1400.
Are dips supported in DOGE?
If the DOGE price does not rise above the $0.1280 level, another decline could begin. Initial downside support is near the $0.1235 level. The next major support is located near the $0.1200 level and the 50% Fib retracement level, which is an upward move from the low of $0.1101 to the high of $0.1297.
Major support is located at $0.1175. If there is a break below the support at $0.1175, the price may decline further. In the above case, the price may drop towards the level of USD 0.1150 or even USD 0.1120 in the low 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 – $0.1235 and $0.1200.
Major resistance levels – $0.1280 and $0.1300.
