Dogecoin started a fresh rise above the USD 0.180 resistance against the US dollar. DOGE could continue rising if it clears the USD 0.2200 resistance.
- DOGE price started a new rally like Bitcoin and climbed above the USD 0.180 resistance level.
- The price is trading above the USD 0.1800 level and the 100-hour simple moving average.
- There was a break above a key bearish trendline with resistance at $0.1620 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it crosses the USD 0.2150 and USD 0.2200 resistance levels.
Dogecoin price expects more gains
Dogecoin price started a new increase after regaining the resistance at $0.1650 like Bitcoin and Ethereum. DOGE managed to gain speed for a move above the USD 0.1800 and USD 0.1850 resistance levels.
There was a break above a key bearish trendline with resistance at $0.1620 on the hourly chart of the DOGE/USD pair. The pair even rose above $0.2000. A high is formed at $0.2200 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.1654 swing low to the $0.2200 high.
The Dogecoin price is now trading above the $0.200 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.2150 level. The next major resistance is near the $0.220 level.
A close above the USD 0.220 resistance could send the price towards the USD 0.2320 resistance. Any further gains could send the price towards the USD 0.2420 level. The next big stop for the bulls could be $0.250.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.2150 level, it could trigger another decline. The initial downside support is near the $0.2080 level. The next major support is near the $0.1920 level or the 50% Fib retracement level of the upward move from the $0.1654 swing low to the $0.2200 high.
The main support is at $0.1780. If there is a downside break below the USD 0.1780 support, the price could fall further. In the mentioned case, the price could drop to the $0.1650 level or even $0.1620 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.2080 and $0.1920.
Major resistance levels – $0.2150 and $0.2200.
