Dogecoin (DOGE) recently encountered resistance at the $0.1120 level, leading to a correction against the US Dollar. Despite this, DOGE bulls remain active around the $0.1080 level, suggesting a potential upward move.
- DOGE price is targeting a breakout above the $0.1120 resistance level.
- The price is currently trading above the $0.1080 level and the 100-hourly simple moving average.
- A break occurred below a crucial bullish trend line, with support at $0.1090 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- If the price clears the $0.1100 and $0.1120 resistance levels, it could initiate another increase.
Dogecoin Price Eyes Upside Break
Dogecoin price managed to extend its gains above the $0.1100 resistance zone, even briefly spiking above $0.1110 before the bears took control. DOGE, much like Bitcoin and Ethereum, began a downward correction from the $0.1111 high.
Initially, the price slipped below the $0.1100 and $0.1095 levels. It also dipped beneath the 23.6% Fibonacci retracement level of the upward movement from the $0.1037 swing low to the $0.1111 high. Additionally, there was a break below a significant bullish trend line, with support at $0.1090 on the hourly chart of the DOGE/USD pair.
Nevertheless, the bulls remained active around the $0.1075 area, protecting the 50% Fibonacci retracement level of the upward move from the $0.1037 swing low to the $0.1111 high. Currently, Dogecoin is trading above the $0.1080 level and the 100-hourly simple moving average.
Immediate Resistance Levels
The immediate resistance on the upside is near the $0.1095 level. The next significant resistance is at the $0.1120 level. A close above this resistance might propel the price towards the $0.1132 zone. Should the price manage further gains, it could climb towards the $0.1150 level, with the next major target for the bulls being $0.1200.
Potential for More Losses in DOGE?
If Dogecoin fails to ascend above the $0.1095 level, another decline could be on the horizon. The initial support on the downside is near the $0.1080 level, with the next major support around the $0.1065 mark.
The primary support lies at $0.1050. A decisive break below this level could lead to further declines. In such a scenario, the price might drop towards the $0.1000 level, or even as low as $0.0950 in the near term.
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 has dipped below the 50 level.
Support and Resistance Levels
Major Support Levels
$0.1065 and $0.1050
Major Resistance Levels
$0.1095 and $0.1120
