Dogecoin is moving higher above the $0.160 resistance zone against the US dollar. DOGE is maintaining its upward trend and may target a rise above $0.1650.
- DOGE price is rising above the $0.160 resistance zone.
- The price is trading near the $0.160 level and above the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair, there is a major bullish trend line forming with support near $0.160 (data source from Kraken).
- The price needs to stabilize above $0.1650 to gain bullish momentum and continue rising.
Dogecoin price maintains support
Over the past few sessions, Dogecoin price has started to steadily rise above the $0.1500 area, like Bitcoin and Ethereum. DOGE bulls were able to push the price above the $0.160 resistance zone.
A recent swing high was formed at $0.1646 before the price began a downward correction. It fell below the $0.1620 support zone. The price surged below the 23.6% Fib retracement level, rising from the $0.1571 swing low to the $0.1646 high.
Dogecoin is currently trading above the $0.160 level and the 100-hour simple moving average. On the hourly chart of the DOGE/USD pair, there is also a major bullish trend line forming with support near $0.160.
On the other hand, the price is finding resistance near $0.1640. The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance line may cause the price to head towards the $0.1720 resistance line. If more profits are made, the price may drop to the $0.1750 level. The next major stop for the bulls could be $0.1800.
Fixing DOGE’s shortcomings?
If DOGE’s price fails to rise above the $0.1650 level, another decline could begin. Initial support for the downside is near the $0.160 level and trend line. This is close to the 50% Fib retracement level of the rise from the $0.1571 swing low to the $0.1646 high.
The next major support is near the $0.1580 level. A break below the $0.1580 support could lead the price to fall further. If indicated, the price may fall to the $0.1520 level.
technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.1620, $0.1600 and $0.1580.
Key resistance levels – $0.1640, $0.1650 and $0.1720.