Dogecoin started a fresh increase from the $0.0850 zone against the US Dollar. DOGE is now facing hurdles near $0.090 and might aim for a larger rally.
- DOGE price started a decent upward move above $0.0850 and $0.0880.
- The price is trading above the $0.0870 level and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $0.0870 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to move up if it stays above $0.0850.
Dogecoin Price Faces Hurdles
Dogecoin price remained supported above the $0.0850 zone and started a fresh increase, like Bitcoin and Ethereum . DOGE climbed above the $0.0865 and $0.0870 resistance levels.
The price gained over 2% and tested the $0.0890 zone. There was a move above the 38.2% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0855 low. Besides, there is a bullish trend line forming with support at $0.0870 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.0870 level and the 100-hourly simple moving average. If the bulls remain active, the price could attempt another increase. Immediate resistance on the upside is near the $0.0890 level and the 50% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0855 low.
The first major resistance for the bulls could be near the $0.0905 level. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance might send the price toward the $0.0950 resistance. Any more gains might send the price toward the $0.10 level. The next major stop for the bulls might be $0.1050.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.090 level, it could continue to move down. Initial support on the downside is near the $0.0870 level. The next major support is near the $0.0855 level.
The main support sits at $0.0850. If there is a downside break below the $0.0850 support, the price could decline further. In the stated case, the price might slide toward the $0.0820 level or even $0.080 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 – $0.0870 and $0.0855.
Major Resistance Levels – $0.090 and $0.10.
