Dogecoin is rising above the $0.120 resistance zone against the US Dollar. DOGE is currently showing positive signs and could surpass the $0.1280 resistance level.
DOGE price started a rebound above the $0.1200 resistance level.
The price is trading above the $0.1220 level and the 100 hourly simple moving average.
There was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could rally sharply if it clears the $0.1250 and $0.1280 resistance levels.
Dogecoin Price Regains Its Appeal
Dogecoin price started a fresh increase above the $0.1100 resistance zone. DOGE gained traction for a move above the $0.1200 resistance zone, defeating Bitcoin and Ethereum. There was also a move above the $0.1250 and $0.1265 resistance levels.
During the increase, there was a break above a major bearish channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. The pair traded as high as $0.1297 and recently saw a minor downside correction.
The price declined below the $0.1265 level. The price traded below the 23.6% Fib retracement level of the upward move from the $0.1101 low to $0.1297 high. Dogecoin price is currently trading above the $0.1200 level and the 100 hourly simple moving average.
The immediate resistance on the upside is near $0.1280. The next major resistance is near $0.1300. A close above the $0.1300 resistance could push the price towards the $0.1320 resistance. Any further gains could push the price towards $0.1350. The next major stop for the bulls could be at $0.1400.
Is Dips supported in DOGE?
If DOGE price fails to clear the $0.1280 level, it could start another decline. An initial support on the downside is near the $0.1235 level. The next major support is near the $0.1200 level and the 50% Fibonacci retracement level of the upward move from the $0.1101 low to $0.1297 high.
The main support level is at $0.1175. If there is a break below the $0.1175 support level, the price could decline further. In the above case, the price could drop to $0.1150 or even $0.1120 in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently accelerating in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – $0.1235 and $0.1200.
Major resistance levels – $0.1280 and $0.1300.