Dogecoin has started a new rally above the $0.20 zone against the US dollar. DOGE is currently consolidating, and if it clears $0.2180, it could aim for further upside.
DOGE price started a new rally above $0.20 and $0.2050. The price is trading above the $0.20 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, a bullish trend line has formed with support at $0.1980 (data source: Kraken). If the price remains stable above $0.1880, it could aim for further upside.
Dogecoin price sees new upside
Dogecoin price, like Bitcoin and Ethereum, started a new rally after settling above $0.1880. DOGE has broken above the $0.20 resistance level and entered the positive zone.
The bulls were able to push the price above $0.2050 and $0.2120. A high was formed at $0.2182 and the price is currently correcting higher. From the swing low of $0.1787 to the high of $0.2182, there was a move below the 50% Fib retracement level of the recent wave.
Dogecoin price is currently trading above the $0.20 level and the 100-hour simple moving average. Furthermore, on the hourly chart of the DOGE/USD pair, a bullish trend line has formed with support at $0.1980.
If there is further upside, the immediate resistance will be around the $0.2085 level. The first major resistance for the bulls could be around $0.2120. The next major resistance level is near USD 0.2180. If the price closes above the $0.2180 resistance, the price could head towards $0.2320. Further upside could push the price towards $0.250. The next major stop for the bulls could be at $0.2620.
Another decline in DOGE?
If DOGE price fails to break above the $0.2120 level, a downside correction may begin. The first support on the downside is near the $0.20 level. The next major support is near the $0.1980 level and trend line.
The main support lies at $0.1880. If the price breaks below the support at $0.1880, the price may fall further. In the above case, the price may fall towards the $0.1720 level and even $0.1650 in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels – $0.1980 and $0.1880.
Key resistance levels – $0.2120 and $0.2180.
