Dogecoin (DOGE) Headed for Acceleration: Will It Climb Higher?

Dogecoin started a fresh rally from the $0.0985 support against the US Dollar. DOGE could gain momentum if it breaks through the $0.1085 resistance.

DOGE is heading towards breaking above USD 0.1085.
The price remains above the $0.100 level and the 100-hour straightforward moving average.
On the hourly chart of the DOGE/USD currency pair, there was a breakout of the key downtrend line with resistance at USD 0.1030 (data source: Kraken).
The price could rally if it breaks through the resistance levels at $0.1060 and $0.1085.

Dogecoin price is rising again

After a steady decline, Dogecoin price found support near the $0.0985 level. A base was formed, and DOGE started a decent uptrend, similar to Bitcoin and Ethereum. There was a move above the $0.1020 and $0.1040 resistance levels.

Apart from that, there was a break of a key bearish trendline with resistance at $0.1030 on the hourly chart of DOGE/USD. The pair has crossed the 50% Fibonacci retracement level of the downward movement from the $0.1084 peak to the $0.0985 trough.

Dogecoin price is currently trading above the $0.1040 level and the 100-hour straightforward moving average. Immediate upside resistance is located near the $0.1050 level. This is near the 61.8% Fibonacci retracement level of the downward move from the $0.1084 high to the $0.0985 low.

The next major resistance is near the $0.1060 level. A close above the $0.1060 resistance could take the price towards the $0.1085 resistance. Any further gains could take the price towards the $0.1150 level. The next major stop for the bulls could be $0.1200.

Another DOGE rejection?

If DOGE price fails to break above $0.1060, another decline could begin. Initial support on the downside is near $0.1030 and the same trendline. The next major support is near $0.1020.

The major support is at $0.0985. If it breaks below the $0.0985 support, the price could continue to fall. In the given case, the price could fall towards $0.0920 or even $0.0885 in the low term.

Technical indicators

Hourly MACD – The MACD for the DOGE/USD pair is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for the DOGE/USD pair is currently above the 50 level.

Major support levels – USD 0.1030 and USD 0.1000.

Major resistance levels – USD 0.1060 and USD 0.1085.