Dogecoin (DOGE) Strengthens, Traders Watch For Sustained Upside

Dogecoin started a decent increase above $0.1080 against the US Dollar. DOGE is now consolidating and might aim for an upside break above $0.1165.

The bulls were able to push the price above $0.1150. A high was formed at $0.1165 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.1088 swing low to the $0.1165 high.

Dogecoin price is now trading above the $0.1120 level and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $0.1125 on the hourly chart of the DOGE/USD pair.

If there is another increase, immediate resistance on the upside is near the $0.1165 level. The first major resistance for the bulls could be near the $0.120 level.

The next major resistance is near the $0.1220 level. A close above the $0.1220 resistance might send the price toward $0.1250. Any more gains might send the price toward $0.1320. The next major stop for the bulls might be $0.1350.

If DOGE’s price fails to climb above the $0.1165 level, it could start a downside correction. Initial support on the downside is near the $0.1135 level. The next major support is near the $0.1125 level or the trend line. It is close to the 50% Fib retracement level of the upward move from the $0.1088 swing low to the $0.1165 high.

The main support sits at $0.110. If there is a downside break below the $0.110 support, the price could decline further. In the stated case, the price might slide toward the $0.1050 level or even $0.1020 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 – $0.1135 and $0.1125

Major Resistance Levels – $0.1165 and $0.1200.