Dogecoin (DOGE) Strength Builds as Traders Anticipate Breakout

Dogecoin started a major increase above $0.0950 against the US Dollar. DOGE is now consolidating and might aim for an upside break above $0.1020.

The bulls were able to push the price above $0.10. A high was formed at $0.1013 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.0940 swing low to the $0.1013 high.

Dogecoin price is now trading above the $0.0985 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.0955 on the hourly chart of the DOGE/USD pair. If there is another increase, immediate resistance on the upside is near the $0.1020 level. The first major resistance for the bulls could be near the $0.1050 level.

The next major resistance is near the $0.1080 level. A close above the $0.1080 resistance might send the price toward $0.1120. Any more gains might send the price toward $0.120. The next major stop for the bulls might be $0.1220.

If DOGE’s price fails to climb above the $0.1020 level, it could start a downside correction. Initial support on the downside is near the $0.0995 level. The next major support is near the $0.0978 level or the 50% Fib retracement level of the upward move from the $0.0940 swing low to the $0.1013 high.

The main support sits at $0.0955. If there is a downside break below the $0.0955 support, the price could decline further. In the stated case, the price might slide toward the $0.0940 level or even $0.0920 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 – $0.0978 and $0.0955.

Major Resistance Levels – $0.1020 and $0.1080.