Dogecoin Price Gains Over 10%

Dogecoin started a decent increase above the $0.0950 resistance against the US Dollar. DOGE is showing positive signs and might aim for a move above $0.1080.

Dogecoin price gained over 10% after showing a decent recovery from the $0.090 price level. It seems like the bulls are gaining strength, especially after breaking through a crucial bearish trend line with resistance at $0.1000 on the hourly chart of the DOGE/USD pair. As a result, DOGE is now trading above the $0.100 level and the 100-hourly simple moving average.

After gaining bullish momentum over the past few sessions, Dogecoin price rose above $0.090, just like Bitcoin and Ethereum. The bulls were able to push the price past the $0.0945 and $0.0950 resistance levels. Moreover, the price cleared the 50% Fib retracement level of the downward move from the $0.1145 swing high to the $0.0804 low.

Dogecoin price is showing positive signs and might aim for a move above $0.1080. However, the bears are actively defending the 76.4% Fib retracement level of the downward move from the $0.1145 swing high to the $0.0804 low.

Immediate resistance on the upside is present near the $0.1080 level. The next major resistance is found near the $0.1100 level. If the price manages to close above the $0.1100 resistance, it could trigger a strong bullish wave towards the $0.1145 resistance. Any further gains could lead the price to the $0.1220 level. The next major bullish target for the bulls might be $0.1250.

Another Decline In DOGE?

If DOGE fails to recover above the $0.1100 level, we can expect another decline. Initial support on the downside is located near the $0.100 level. The next major support is found near the $0.0980 level and the 100-hourly simple moving average. Finally, the main support is situated at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, we can expect the price to drop towards the $0.0900 level or even $0.0880 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.1000 and $0.0950

Major Resistance Levels – $0.1100 and $0.1145