Dogecoin has started a significant rally above $0.10 against the US dollar. DOGE is currently consolidating and could fall again if it fails to clear $0.1060.
DOGE price started a new rally above $0.0950 and $0.10. The price is trading above the $0.10 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, the pair broke above the bearish trend line with resistance at $0.0942 (data source: Kraken). If the price remains stable above $0.0988, the price could aim for a new rally.
Dogecoin price takes profits
Dogecoin price, like Bitcoin and Ethereum, started a new rally after settling above $0.0950. DOGE has broken above the resistance level at $0.0980 and entered positive territory.
On the hourly chart of the DOGE/USD pair, there was a moment when the price broke above the bearish trend line with resistance at $0.0942. The bulls were able to push the price above $0.10. The high was formed at $0.1061 and the price has now corrected some of the gains. There was a move below the 23.6% Fib retracement level of the upward movement from the swing low of $0.0910 to the high of $0.1061.
Dogecoin price is currently trading above the $0.10 level and the 100-hour simple moving average. If there is further upside, the immediate resistance will be around the $0.1028 level. The first major resistance for the bulls could be around $0.1050.
The next major resistance level is near the $0.1080 level. If the closing price breaks above the $0.1080 resistance, the price could head toward $0.1120. Further upside could send the price towards $0.120. The next major stop for the bulls could be at $0.1220.
Another decline in DOGE?
If DOGE price fails to cross the $0.1050 level, a downside correction may begin. The first support on the downside is near the $0.10 level. The next major support is near the $0.0.988 level, or the 50% Fib retracement level of the rise from the swing low of $0.0910 to the high of $0.1061.
The main support lies at $0.0950. A downside break below the support at $0.0950 could cause the price to fall further. In the above case, the price could fall towards the $0.0920 level and even $0.090 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 above the 50 level.
Major support levels – $0.0988 and $0.0.950.
Key resistance levels – $0.1050 and $0.1120.
