Dogecoin (DOGE) Shows Controlled Strength as Traders Eye Key Resistance Above
Dogecoin started a steady increase above $0. 150 against the US Dollar. DOGE is now consolidating and might correct lower to $0. 1480. DOGE price started a fresh increase above $0. 1450 and $0. 150. The price is trading above the $0. 150 level and the 100-hourly simple moving average. There is a bullish trend line forming with support at $0. 1490 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could aim for a fresh increase if it remains stable above $0. 1480. Dogecoin Price Holds Gains Dogecoin price started a fresh increase after it settled above $0. 1420, like Bitcoin and Ethereum. DOGE climbed above the $0. 150 resistance to enter a positive zone. The bulls were able to push the price above $0. 1550. A high was formed at $0. 1565 and the price is now consolidating gains above the 23. 6% Fib retracement level of the upward move from the $0. 1330 swing low to the $0. 1565 high. Besides, there is a bullish trend line forming with support at $0. 1490 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0. 150 level and the 100-hourly simple moving average. If there is another increase, immediate resistance on the upside is near the $0. 1565 level. The first major resistance for the bulls could be near the $0. 160 level. The next major resistance is near the $0. 1620 level. A close above the $0. 1620 resistance might send the price toward $0. 1685. Any more gains might send the price toward $0. 1740. The next major stop for the bulls might be $0. 180. Another Decline In DOGE? If DOGE’s price fails to climb above the $0. 1565 level, it could start a downside correction. Initial support on the downside is near the $0. 1510 level. The next major support is near the $0. 1480 level and the trend line. The main support sits at $0. 1450 and the 50% Fib retracement level of the upward move from the $0. 1330 swing low to the $0. 1565 high. If there is a downside break below the $0. 1450 support, the price could decline further. In the stated case, the price might slide toward the $0. 1380 level or even $0. 1330 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. 1510 and $0. 1480. Major Resistance Levels $0. 1565 and $0. 1600.
