Dogecoin has started a novel rally from the $0.0950 zone against the US dollar. DOGE currently faces headwinds near $0.1075 and may seek more upside.
- DOGE price has started a decent upward move above USD 0.100 and USD 0.1050.
- The price is above the $0.1040 level and the 100-hour straightforward moving average.
- A key bullish trendline is forming on the hourly chart of DOGE/USD with support at $0.1020 (data source from Kraken).
- The price may continue to rise if it stays above $0.10.
Dogecoin prices are rising above the hurdles
Dogecoin price held above the $0.0965 zone and started a novel rally, beating Bitcoin and Ethereum. DOGE climbed above the $0.0985 and $0.10 resistance levels.
The price increased by over 8% and tested the USD 0.1120 zone. It sharply corrected some of its gains and returned to the level of USD 0.1009. The bulls stayed in action and pushed the price back above $0.1050. There has been a move above the 50% Fib retracement level as part of a move down from a high of $0.1120 to a low of $0.1009.
Dogecoin price is currently trading above the $0.1050 level and the 100-hour straightforward moving average. Additionally, a key bullish trend line is forming on the hourly chart of DOGE/USD with support at USD 0.1020.
If the bulls remain vigorous, the price may be tempted to boost again. Immediate upside resistance is located near the $0.1075 level or the 61.8% Fib retracement level for a downward move from a high of $0.1120 to a low of $0.1009.
The first major resistance for bulls may be near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance could push the price towards the $0.1150 resistance. Any further gains could push the price towards the $0.120 level. The next major stop for bulls could be $0.1250.
Another DOGE drop?
If the DOGE price does not rise above the $0.1075 level, it may continue to decline. Initial downside support is near the $0.1035 level. The next essential support is near the USD 0.1020 level.
The main support is located at USD 0.10. If a break below the $0.10 support occurs, the price may decline further. In this case, the price may move towards the level of USD 0.0955 or even USD 0.0950 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – USD 0.1035 and USD 0.1020.
Major resistance levels – $0.1075 and $0.1120.
