Dogecoin started a fresh increase above the $0.160 zone against the US Dollar. DOGE is now consolidating and might aim for a move above $0.1680.
DOGE price started a fresh increase above the $0.1520 and $0.160 levels.
The price is trading above the $0.1620 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1650 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh decline if it stays below the $0.1680 zone.
Dogecoin Price Faces Resistance
Dogecoin price started a fresh increase above the $0.1450 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.1550 and $0.160 resistance levels.
The bulls even pushed the price above the $0.1650 resistance. A high was formed at $0.1699 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1572 swing low to the $0.1699 high.
Dogecoin price is now trading above the $0.1650 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1650 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.1680 level. The first major resistance for the bulls could be near the $0.1720 level. The next major resistance is near the $0.1750 level. A close above the $0.1750 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.200 level. The next major stop for the bulls might be $0.2120.
Another Drop In DOGE?
If DOGE’s price fails to climb above the $0.1680 level, it could start another decline. Initial support on the downside is near the $0.1660 level or the trend line zone. The next major support is near the $0.1620 level and the 61.8% Fib retracement level of the upward move from the $0.1572 swing low to the $0.1699 high.
The main support sits at $0.160. If there is a downside break below the $0.160 support, the price could decline further. In the stated case, the price might decline toward the $0.150 level or even $0.1450 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 above the 50 level.
Major Support Levels – $0.1650 and $0.1620.
Major Resistance Levels – $0.1680 and $0.1800.
