Dogecoin started a fresh rise above the USD 0.220 resistance against the US dollar. DOGE is up over 50% and is showing signs of more upside.
- DOGE price started a new rally like Bitcoin and climbed above the USD 0.220 resistance level.
- The price is trading above the USD 0.2800 level and the 100-hour simple moving average.
- A major bullish trendline is forming with support at $0.280 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it crosses the USD 0.3050 and USD 0.3120 resistance levels.
Dogecoin price expects more gains
Dogecoin price started a new increase after regaining the resistance at $0.200 like Bitcoin and Ethereum. DOGE managed to gain pace for a move above the USD 0.2200 and USD 0.250 resistance levels.
The pair even rose above $0.3000. A high is formed at $0.3036 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the swing low of $0.2013 to the high of $0.3036. There is also a major bullish trendline forming with support at $0.280 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading above the $0.2880 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.300 level. The next major resistance is around the $0.3050 level.
A close above the resistance at $0.3050 could send the price towards the resistance at $0.3120. Any further gains could send the price towards the USD 0.34500 level. The next big stop for the bulls could be $0.350.
Are dips limited in DOGE?
If DOGE price fails to rise above the USD 0.3050 level, it could trigger a downside correction. The initial downside support is near the $0.280 level and the trendline. The next major support is near the $0.2680 level.
The key support is at $0.2550 or the 50% Fib retracement level of the upward move from the $0.2013 swing low to the $0.3036 high. If there is a downside break below the USD 0.2550 support, the price could fall further. In the mentioned case, the price could drop to the $0.2420 level or even $0.2350 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – USD 0.280 and USD 0.2680.
Major resistance levels – $0.3000 and $0.3050.
