Dogecoin exchange rate broke the $0.160 resistance against the US Dollar. Dogecoin maintained its gains and is expected to surpass $0.1650.
DOGE price is moving above the USD 0.160 resistance area.
The price is trading above the $0.160 level and the 100 hourly simple moving average.
There is a key bullish trend line formed with support near $0.160 on the hourly chart of the DOGE/USD pair.
The price must settle above $0.1650 to gain bullish momentum and continue higher.
Dogecoin price finds support
In the past few sessions, the price of Dogecoin started a steady increase above the $0.1500 area, just like Bitcoin and Ethereum. Dogecoin bulls were able to push the price above the $0.160 resistance area.
The recent swing high was formed at $0.1646 and later the price started a downside correction below the $0.1620 support area. The price surged below the 23.6% Fibonacci retracement level of the $0.1571 swing low to $0.1646 high.
Dogecoin is currently trading above the $0.160 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $0.160 on the hourly chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.1640 level. The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance level is likely to push the price towards the $0.1720 resistance level. If the price rises further, it can push towards the $0.1750 level. The next major stop for the bulls could be $0.1800.
Downside correction for DOGE?
If the DOGE price fails to clear the $0.1650 level, it is likely to decline again. An initial support on the downside is near the $0.160 level and the trend line. It is close to the 50% Fibonacci retracement level of the upward move from the $0.1571 swing low to $0.1646 high.
The next major support is near the $0.1580 level. If there is a break below the $0.1580 support, the price could decline further. In such a case, the price could drop towards the $0.1520 level.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1620, $0.1600, and $0.1580.
Major Resistance Levels – $0.1640, $0.1650, and $0.1720.
