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Dogecoin (DOGE) Leaps Higher: Can The Momentum Last?
Dogecoin is recovering losses from the $0.1020 zone against the US Dollar. DOGE is now showing positive signs and might clear the $0.1165 resistance.
- DOGE price started a fresh increase above the $0.1100 resistance level.
- The price is trading above the $0.1120 level and the 100-hourly simple moving average.
- There was a break above a major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1165 and $0.1180 resistance levels.
Dogecoin Price Starts Recovery
Dogecoin price declined toward the $0.100 support. DOGE traded as low as $0.1012 and recently started a fresh increase like Bitcoin and Ethereum. There was a move above the $0.1060 and $0.1080 resistance levels.
The price surpassed the $0.1120 resistance level. There was a break above a major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair. It traded above the 23.6% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low.
Dogecoin price is now trading above the $0.1120 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1165 level. It is close to the 50% Fib retracement level of the downward wave from the $0.1320 swing high to the $0.1012 low.
The next major resistance is near the $0.1180 level. A close above the $0.1180 resistance might send the price toward the $0.1240 resistance. Any more gains might send the price toward the $0.1265 level. The next major stop for the bulls might be $0.1320.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1165 level, it could start another decline. Initial support on the downside is near the $0.1120 level. The next major support is near the $0.1100 level.
The main support sits at $0.1080. If there is a downside break below the $0.1080 support, the price could decline further. In the stated case, the price might decline toward the $0.1020 level or even $0.0980 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1120 and $0.1080.
Major Resistance Levels – $0.1165 and $0.1240.