Dogecoin started a fresh increase above the $0.100 resistance against the US Dollar. DOGE is rising and might gain pace for a move above $0.1080.
- DOGE price is climbing higher from the $0.0980 support zone.
- The price is trading above the $0.1050 level and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support near $0.1050 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a fresh increase above the $0.1080 resistance zone.
Dogecoin Price Starts Fresh Increase
In the past few sessions, Dogecoin price saw a decent increase from the $0.0950 zone like Bitcoin and Ethereum. The price was able to clear the $0.100 and $0.1020 resistance levels.
The bulls even pushed it above $0.1050 and the 100-hourly simple moving average. A high was formed at $0.1079 before there was a pullback. The price declined below the $0.1060 level. The price even declined below the 50% Fib retracement level of the upward move from the $0.1020 swing low to the $0.1079 high.
However, the bulls are active near the $0.1040 level. They protected the 61.8% Fib retracement level of the upward move from the $0.1020 swing low to the $0.1079 high.
Besides, there is a key bullish trend line forming with support near $0.1050 on the hourly chart of the DOGE/USD pair. Dogecoin price is again rising and trading above the $0.1050 level. Immediate resistance on the upside is near the $0.1072 level.
The next major resistance is near the $0.1080 level. A close above the $0.1080 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.1200 level. The next major stop for the bulls might be $0.1350.
More Downsides In DOGE?
If DOGE’s price fails to climb above the $0.1080 level, it could start another downside correction. Initial support on the downside is near the $0.1055 level. The next major support is near the $0.1035 level.
The main support sits at $0.1020. If there is a downside break below the $0.1020 support, the price could decline further. In the stated case, the price might decline toward the $0.0950 level or even $0.0920 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 – $0.1035 and $0.1020.
Major Resistance Levels – $0.1080 and $0.1120.