Dogecoin (DOGE) Lifts Further, Momentum Points To More Gains

Dogecoin started a decent increase above $0.1050 against the US Dollar. DOGE is now consolidating and might aim for an upside break above $0.1150.

The bulls were able to push the price above $0.1120. A high was formed at $0.1137 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.1009 swing low to the $0.1137 high.

Dogecoin price is now trading above the $0.1100 level and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $0.1085 on the hourly chart of the DOGE/USD pair.

If there is another increase, immediate resistance on the upside is near the $0.1135 level. The first major resistance for the bulls could be near the $0.1150 level.

The next major resistance is near the $0.120 level. A close above the $0.120 resistance might send the price toward $0.1220. Any more gains might send the price toward $0.1250. The next major stop for the bulls might be $0.1320.

If DOGE’s price fails to climb above the $0.1150 level, it could start a downside correction. Initial support on the downside is near the $0.1100 level. The next major support is near the $0.1085 level or the trend line.

The main support sits at $0.1075 and the 50% Fib retracement level of the upward move from the $0.1009 swing low to the $0.1137 high. If there is a downside break below the $0.1075 support, the price could decline further. In the stated case, the price might slide toward the $0.1020 level or even $0.10 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 – $0.1085 and $0.1075

Major Resistance Levels – $0.1135 and $0.1150.