Dogecoin (DOGE) Strengthens as Altcoin Rally Signals Renewed Risk Appetite
Dogecoin started a major increase above $0.10 against the US Dollar. DOGE is now consolidating and might decline again if it fails to clear $0.1060.
- DOGE price started a fresh increase above $0.0950 and $0.10.
- The price is trading above the $0.10 level and the 100-hourly simple moving average.
- There was a break above a bearish trend line with resistance at $0.0942 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could aim for a fresh increase if it remains stable above $0.0988.
Dogecoin Price Consolidates Gains
Dogecoin price started a fresh increase after it settled above $0.0950, like Bitcoin and Ethereum. DOGE climbed above the $0.0980 resistance to enter a positive zone.
There was also a break above a bearish trend line with resistance at $0.0942 on the hourly chart of the DOGE/USD pair. The bulls were able to push the price above $0.10. A high was formed at $0.1061 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.0910 swing low to the $0.1061 high.
Dogecoin price is now trading above the $0.10 level and the 100-hourly simple moving average. If there is another increase, immediate resistance on the upside is near the $0.1028 level. The first major resistance for the bulls could be near the $0.1050 level.
The next major resistance is near the $0.1080 level. A close above the $0.1080 resistance might send the price toward $0.1120. Any more gains might send the price toward $0.120. The next major stop for the bulls might be $0.1220.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1050 level, it could start a downside correction. Initial support on the downside is near the $0.10 level. The next major support is near the $0.0.988 level or the 50% Fib retracement level of the upward move from the $0.0910 swing low to the $0.1061 high.
The main support sits at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, the price might slide toward the $0.0920 level or even $0.090 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now 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 – $0.0988 and $0.0.950.
Major Resistance Levels – $0.1050 and $0.1120.
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