Dogecoin started a fresh increase from the $0.0985 support against the US Dollar. DOGE could gain pace if it clears the $0.1085 resistance.
- DOGE price is eyeing an upside break above $0.1085.
- The price is trading above the $0.100 level and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could rally if it clears the $0.1060 and $0.1085 resistance levels.
Dogecoin Price Rises Again
After a steady decline, Dogecoin price found support near the $0.0985 level. A base was formed, and DOGE started a decent upward move like Bitcoin and Ethereum. There was a move above the $0.1020 and $0.1040 resistance levels.
Besides, there was a break above a key bearish trend line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $0.1084 swing high to the $0.0985 low.
Dogecoin price is now trading above the $0.1040 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1050 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.1084 swing high to the $0.0985 low.
The next major resistance is near the $0.1060 level. A close above the $0.1060 resistance might send the price toward the $0.1085 resistance. Any more gains might send the price toward the $0.1150 level. The next major stop for the bulls might be $0.1200.
Another Rejection In DOGE?
If DOGE’s price fails to climb above the $0.1060 level, it could start another decline. Initial support on the downside is near the $0.1030 level and the same trend line. The next major support is near the $0.1020 level.
The main support sits at $0.0985. If there is a downside break below the $0.0985 support, the price could decline further. In the stated case, the price might decline toward the $0.0920 level or even $0.0885 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1030 and $0.1000.
Major Resistance Levels – $0.1060 and $0.1085.
Read the full article here
