Dogecoin (DOGE) Slows Near $0.1120, Bulls Face Crucial Test

Dogecoin started a fresh increase from the $0.1050 zone against the US Dollar. DOGE is now facing hurdles near $0.1120 and might aim for a larger rally.

The price gained over 5% and tested the $0.1125 zone. There was a move above the 50% Fib retracement level of the downward move from the $0.1172 swing high to the $0.1058 low. Besides, there is a key contracting triangle forming with support at $0.1090 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.110 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 $0.1120 level.

The first major resistance for the bulls could be near the $0.1128 level or the 61.8% Fib retracement level of the downward move from the $0.1172 swing high to the $0.1058 low. The next major resistance is near the $0.1145 level. A close above the $0.1145 resistance might send the price toward the $0.1170 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 $0.1128 level, it could continue to move down. Initial support on the downside is near the $0.1090 level. The next major support is near the $0.1080 level.

The main support sits at $0.1050. If there is a downside break below the $0.1050 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 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 – $0.1090 and $0.1080.

Major Resistance Levels – $0.1120 and $0.1128.