Dogecoin started a steady increase from the $0.1280 zone against the US Dollar. DOGE could gain pace if it clears the $0.1360 resistance zone.
- DOGE price is eyeing more gains above the $0.1350 resistance zone.
- The price is trading above the $0.1320 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.1362 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to move up if it clears the $0.1360 resistance zone.
Dogecoin Price Eyes Upside Break, Can It Follow Bitcoin’s Rise?
After a short-term pullback, Dogecoin price found support near the $0.1280 zone. A low was formed at $0.1282 and DOGE price is now rising. There was a move above the $0.130 resistance zone.The price surpassed the 50% Fib retracement level of the downward move from the $0.1386 swing high to the $0.1282 low. However, DOGE is well behind Bitcoin since the latter was able to clear the $68,800 resistance zone.
Dogecoin is now trading above the $0.1320 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1345 level. The next major resistance is near the $0.1360 level. There is also a key bearish trend line forming with resistance at $0.1362 on the hourly chart of the DOGE/USD pair. The trend line is close to the 76.4% Fib retracement level of the downward move from the $0.1386 swing high to the $0.1282 low.
A close above the $0.1360 resistance might send the price toward the $0.1420 resistance. Any more gains might send the price toward the $0.150 level. The next major stop for the bulls might be $0.1650.