Dogecoin is moving higher above the $0.160 resistance zone against the US dollar. DOGE maintains gains and could target a move above $0.1650.
- DOGE price is moving higher above the $0.160 resistance zone.
- The price is above the $0.160 level and the 100-hour elementary moving average.
- A key bullish trendline is forming on the hourly chart of DOGE/USD with support near USD 0.160 (data source from Kraken).
- The price needs to settle above $0.1650 to gain bullish momentum and continue rising.
Dogecoin price maintains support
Over the past few sessions, Dogecoin’s price has started to steadily rise above the $0.1500 zone, along with Bitcoin and Ethereum. DOGE bulls managed to push the price above the resistance zone at $0.160.
The last swing high formed at $0.1646 before the price began a downward correction. There was a decline below the support zone at USD 0.1620. The price surged below the 23.6% Fib retracement level resulting from the upward move from a low of $0.1571 to a high of $0.1646.
Dogecoin is currently trading above the $0.160 level and the 100-hour elementary moving average. A key bullish trend line is also forming on the hourly chart of DOGE/USD with support near USD 0.160.
On the other hand, the price is facing resistance near the USD 0.1640 level. The next major resistance is near the $0.1650 level. A close above the resistance at $0.1650 could push the price towards the resistance at $0.1720. Any further gains could push the price towards the $0.1750 level. The next major stop for bulls could be $0.1800.
Correction of minuses in DOGE?
If DOGE price fails to gain momentum above the $0.1650 level, another decline could begin. Initial downside support is located near the $0.160 level and the trend line. It is close to the 50% Fib retracement level, which is an upward movement from the low of $0.1571 to the high of $0.1646.
The next critical support is near the USD 0.1580 level. If there is a break below the support at $0.1580, the price may decline further. In the given case, the price may fall towards the level of USD 0.1520.
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 currently above the 50 level.
Major support levels – $0.1620, $0.1600 and $0.1580.
Major resistance levels – $0.1640, $0.1650 and $0.1720.
