Dogecoin failed to surpass $0.1120 and corrected gains against the US Dollar. DOGE bulls are active near $0.1080 and may push it higher again.
DOGE price is looking for an upside break above $0.1120.
The price is trading above the 0.1080 level and the 100-hour simple moving average.
There was a break below the major bullish trend line with support at $0.1090 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price may start rising again if it breaks the resistance levels of 0.1100 and 0.1120.
Dogecoin price looks to rise
Dogecoin price extended above the $0.1100 resistance area. It even rose above $0.1110 before the bears appeared. Dogecoin started a downside correction from the $0.1111 high like Bitcoin and Ethereum.
There was a move below the $0.1100 and $0.1095 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.1037 swing low to $0.1111 high. Moreover, there was a break below a major bullish trend line with support at $0.1090 on the hourly chart of the DOGE/USD pair.
However, bulls were active near $0.1075. They protected the 50% Fib retracement level of the upward move from the $0.1037 swing low to $0.1111 high. Dogecoin price is now trading above the $0.1080 level and the 100-hour simple moving average.
An immediate resistance on the upside is near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance could take the price towards the $0.1132 resistance level. Any further gains could take the price towards the $0.1150 level. The next major stop for the bulls could be $0.1200.
More losses in DOGE?
If DOGE price fails to rise above the $0.1095 level, it could start declining again. The initial support on the downside is near the $0.1080 level. The next major support is near the $0.1065 level.
The main support is located at $0.1050. If there is a break below the $0.1050 support level, the price could decline further. In the mentioned case, the price could decline towards the $0.1000 level or even $0.0950 in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.1065 and $0.1050.
Key resistance levels – $0.1095 and $0.1120.
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