Dogecoin Price Extends Gains, Surpasses $0.2420 Mark Against the US Dollar

Dogecoin has started a new price increase and surpassed the $0.2420 mark against the US dollar.

Dogecoin price is showing signs of a new price increase as it trades above the $0.2420 mark against the US Dollar. DOGE is now adjusting its gains and it may start rising again.

Dogecoin price is trading in a bullish trend above $0.2320 and $0.2420. The price is also above the 100-hour simple moving average. It seems like a bullish trend line is forming with support at $0.2460 on the hourly chart of the DOGE/USD pair (data source: Kraken).

Dogecoin Price Still Up Despite Adjustment

Dogecoin price is continuing its bullish trend after finding support near the $0.2220 level, similarly to Bitcoin and Ethereum. The price of DOGE moved up and recovered above the resistance at $0.2350.

Buyers pushed the price above the resistance zone at $0.2420. However, sellers emerged near the $0.2550 level. A new swing high was formed at $0.2542 and the price is adjusting some gains. There is a move below the Fib retracement level of 23.6% of the upward move from the swing low of $0.2227 to the high of $0.2542.

Dogecoin is currently trading above the $0.2450 support and the 100-hour simple moving average. Moreover, there is an upward trend line connecting the support at $0.2460 on the hourly chart of the DOGE/USD pair.

The next major resistance level for the buyers could be near the $0.2620 zone. The next resistance is around $0.2650 and the price could start rising again if it surpasses the resistance zone of $0.2550.

If there is a breakdown below the support at $0.2320, the price could decline further. In that case, the price could drop to $0.220 or even $0.2120 in the near future.

If the DOGE price does not manage to surpass $0.2550, it may start another bearish phase. Initial support on the downside is at $0.2450 and the trend line. The next major support is at $0.2385 and the 50% Fibonacci retracement level of the move from the low of $0.2227 to the high of $0.2542.

The main support level is at $0.2320.

Technical Indicator

Hourly MACD - The MACD is now accelerating in the bullish zone.

Hourly Relative Strength Index (RSI) - RSI (Relative Strength Index) is currently above 50.

Major Support Levels - $0.2450 and $0.2350.

Major Resistance Levels - $0.2550 and $0.2620.