Dogecoin has surpassed the $0.120 resistance area against the US Dollar. DOGE is exhibiting positive trends and may soon break through the $0.1280 resistance level.
- The DOGE price initiated a new upward movement beyond the $0.1200 resistance threshold.
- The price is currently positioned above the $0.1220 level and the 100-hour simple moving average.
- A significant breakout occurred above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- If the price surpasses the $0.1250 and $0.1280 resistance levels, it could potentially gain bullish momentum.
Dogecoin Price Reclaims Momentum
Dogecoin’s price has kicked off a fresh surge above the $0.1100 resistance area. DOGE has gained momentum to rise above the $0.1200 mark, outperforming Bitcoin and Ethereum in the process. Additionally, it moved past the $0.1250 and $0.1265 resistance thresholds.
During this rally, a breakout was noted above a significant declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. The pair reached a peak of $0.1297 before experiencing a slight corrective dip.
The price fell below the $0.1265 mark, trading beneath the 23.6% Fibonacci retracement level from the upward movement that started at the $0.1101 swing low and peaked at $0.1297. Currently, Dogecoin is trading above the $0.1200 level and the 100-hourly simple moving average.
Immediate resistance on the upside is positioned around the $0.1280 mark. The next major resistance level is at approximately $0.1300. A close above the $0.1300 resistance could propel the price toward the $0.1320 resistance. Further gains might push the price up to the $0.1350 level, with a potential major target for bulls at $0.1400.
Is There Support for Dips in DOGE?
If the price of DOGE does not rise above the $0.1280 level, it might initiate another downturn. The initial support on the downside is at the $0.1235 level, followed by the significant support near $0.1200, which coincides with the 50% Fibonacci retracement level of the upward movement from the $0.1101 swing low to the $0.1297 peak.
The primary support area is located at $0.1175. Should there be a downside breach below the $0.1175 support, the price could see further declines. In that scenario, the price might drop toward the $0.1150 or even $0.1120 levels in the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining strength in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is presently above the 50 level.
Major Support Levels – $0.1235 and $0.1200.
Major Resistance Levels – $0.1280 and $0.1300.
