Dogecoin (DOGE) Strengthens as Altcoin Rally Signals Renewed Risk Appetite

Dogecoin has started a significant rally above $0.10 against the US dollar. DOGE is currently consolidating and could fall again if it fails to break above $0.1060.

DOGE price started a novel surge above USD 0.0950 and USD 0.10.
The price is above the $0.10 level and the 100-hour uncomplicated moving average.
On the hourly chart, the DOGE/USD pair broke above the bearish trend line with resistance at USD 0.0942 (data source Kraken).
The price may look to rise again if it remains stable above $0.0988.

Dogecoin price consolidates gains

Dogecoin price has started a novel rally after settling above $0.0950, along with Bitcoin and Ethereum. DOGE climbed above the resistance at $0.0980 and entered the positive zone.

There was also a break above the bearish trendline with resistance at $0.0942 on the hourly chart of the DOGE/USD pair. The bulls managed to push the price above $0.10. The highest level was formed at USD 0.1061 and the price is currently correcting some increases. There was a move below the 23.6% Fib retracement level as part of an up move from a low of $0.0910 to a high of $0.1061.

Dogecoin price is currently trading above the $0.10 level and the 100-hour uncomplicated moving average. If another rally occurs, immediate upside resistance will be near the $0.1028 level. The first major resistance for bulls may be near the $0.1050 level.

The next major resistance is near the $0.1080 level. A close above the resistance at $0.1080 could send the price towards $0.1120. Any further gains could push the price towards $0.120. The next major stop for bulls could be $0.1220.

Another DOGE decline?

If the DOGE price does not rise above the $0.1050 level, it could start a downward correction. Initial downside support is near the $0.10 level. The next major support is located near the $0.0.988 level or the 50% Fib retracement level in an upward move from a low of $0.0910 to a high of $0.1061.

The main support is located at USD 0.0950. If there is a break below the support at $0.0950, the price may decline further. In this case, the price may slide towards the level of USD 0.0920 or even USD 0.090 in the near future.

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 – $0.0988 and $0.0.950.

Major resistance levels – $0.1050 and $0.1120.