Dogecoin Price Surges Above $0.180 as Resistance Levels Tested
Dogecoin has initiated a new upward trend above the $0.180 resistance against the US Dollar, with potential for further gains if it surpasses the $0.2200 resistance.
- DOGE price has rallied similarly to Bitcoin, moving above the $0.180 resistance level.
- The price is currently above the $0.1800 mark and the 100-hourly simple moving average.
- A significant break occurred above a bearish trend line at $0.1620 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- Continued rally is possible if the price clears the $0.2150 and $0.2200 resistance levels.
Dogecoin Price Eyes More Gains
Following the reclaiming of the $0.1650 resistance, Dogecoin has gained momentum, similar to Bitcoin and Ethereum. DOGE surged past the $0.1800 and $0.1850 resistance levels.
A key bearish trend line was broken, allowing the price to rise above $0.2000, forming a high at $0.2200. Currently, the price consolidates above the 23.6% Fibonacci retracement level from the $0.1654 swing low to the $0.2200 high.
Dogecoin is trading above the $0.200 level and the 100-hourly simple moving average. Immediate resistance is near $0.2150, while the next major resistance is around $0.220.
A close above $0.220 may push the price toward $0.2320. Further increases could lead to targets at $0.2420 and potentially $0.250.
Are Dips Supported In DOGE?
If DOGE does not exceed the $0.2150 level, a decline may occur. Initial support is near $0.2080, with the next significant support at $0.1920 or the 50% Fibonacci retracement level from the $0.1654 swing low to the $0.2200 high.
Main support is located at $0.1780. A break below this level could result in a decline towards $0.1650 or even $0.1620.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is above the 50 level.
Major Support Levels – $0.2080 and $0.1920.
Major Resistance Levels – $0.2150 and $0.2200.