Dogecoin started a new increase in the $0.0850 area against the US dollar. DOGE currently faces a hurdle near $0.090 and may be targeting a bigger rally.
- DOGE price started a decent uptrend above $0.0850 and $0.0888.
- The price is trading above the $0.0870 level and the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair, there is a bullish trendline forming around support at $0.0870 (data source from Kraken).
- If the price stays above $0.0850, the price may continue to rise.
Dogecoin price faces hurdles
Dogecoin price held above the $0.0850 area and started a new rally like Bitcoin and Ethereum. DOGE broke above the $0.0865 and $0.0870 resistance levels.
The price rose more than 2% and tested the $0.0890 area. There was a move above the 38.2% Fib retracement level with a downward move from the $0.0920 swing high to the $0.0855 low. Moreover, on the hourly chart of the DOGE/USD pair, there is a bullish trend line forming with support at $0.0870.
Dogecoin price is currently trading around the $0.0870 level and above the 100-hour simple moving average. If the bulls remain active, the price may attempt another rally. Immediate resistance to the upside is near the $0.0890 level and the 50% Fib retracement level of the decline from the $0.0920 swing high to the $0.0855 low.
The first major resistance for bulls could be near the $0.0905 level. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance line may cause the price to head towards the $0.0950 resistance line. If more profits are made, the price may drop to the $0.10 level. The next major stop for the bulls could be at $0.1050.
Another decline in DOGE?
If the price of DOGE fails to rise above the $0.090 level, it may continue to fall. Initial support for the downside is near the $0.0870 level. The next major support is near the $0.0855 level.
The main support level is $0.0850. A break below the $0.0850 support could lead the price to fall further. If indicated, the price may fall to the $0.0820 level or even the $0.080 level in the short term.
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 – $0.0870 and $0.0855.
Key resistance levels – $0.090 and $0.10.