Dogecoin started a new increase above the $0.20 area against the US dollar. DOGE is now consolidating and may aim for further gains if it crosses $0.2180.
- DOGE price started a new upward movement above $0.20 and $0.2050.
- The price is trading above the $0.20 level and the 100 hourly simple moving average.
- There is an uptrend line forming with support at $0.1980 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price can aim for further gains if it remains stable above $0.1880.
Dogecoin price is looking to the upside
Dogecoin price started a new rally after settling above $0.1880, like Bitcoin and Ethereum. DOGE rose above the $0.20 resistance to enter the positive zone.
The bulls managed to push the price above $0.2050 and $0.2120. The high was formed at $0.2182 and the price is now correcting gains. There was a move below the 50% Fib retracement level of the last wave from the swing low of $0.1787 to the swing high of $0.2182.
Dogecoin price is now trading above the $0.20 level and the 100 hourly simple moving average. Additionally, there is an uptrend line forming with support at $0.1980 on the hourly chart of the DOGE/USD pair.
If there is another increase, immediate resistance on the upside is near the $0.2085 level. The first major resistance for the bulls could be near the $0.2120 level. The next major resistance is near the $0.2180 level. A close above the $0.2180 resistance could send the price towards $0.2320. Any further gains could send the price towards $0.250. The next major stop for the bulls could be $0.2620.
Another decline in DOGE?
If DOGE price fails to rise above $0.2120 level, it may start a downward correction. Initial support on the downside is near the $0.20 level. The next major support is near the $0.1980 level and the trend line.
The main support is located at $0.1880. If there is a bearish breakout below the $0.1880 support level, the price may fall further. In the mentioned case, the price may fall towards the $0.1720 level or even $0.1650 in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.1980 and $0.1880.
Key resistance levels – $0.2120 and $0.2180.
The post Dogecoin (DOGE) Resilient Above $0.20 – Can Momentum Shift Toward Fresh Upside? first appeared on Investorempires.com.
