Dogecoin (DOGE) Trends Higher, Larger Gains Could Be Ahead

Dogecoin started a fresh increase from the $0.0970 zone against the US Dollar. DOGE is now facing hurdles near $0.0995 and might aim for a larger rally.

There was a decent upward move above the 50% Fib retracement level of the downward move from the $0.1008 swing high to the $0.0969 low. However, the bears remained active near the $0.0995 zone. Besides, there is a key bullish trend line forming with support at $0.0978 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.0970 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 $0.0995 level or the 61.8% Fib retracement level of the downward move from the $0.1008 swing high to the $0.0969 low.

The first major resistance for the bulls could be near the $0.10 level. The next major resistance is near the $0.1050 level. A close above the $0.1050 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.120 level. The next major stop for the bulls might be $0.1250.

If DOGE’s price fails to climb above the $0.0995 level, it could continue to move down. Initial support on the downside is near the $0.0975 level or the trend line. The next major support is near the $0.0970 level.

The main support sits at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, the price might slide toward the $0.0920 level or even $0.090 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0970 and $0.0950.

Major Resistance Levels – $0.0995 and $0.10.