Dogecoin (DOGE) Poised for Another Rise: Can Bulls Drive Higher?

[Bitcoin]

Dogecoin (DOGE) Poised for Another Rise: Can Bulls Drive Higher?

Dogecoin is consolidating above the $0.1320 support zone against the US Dollar. DOGE must clear the $0.1425 resistance to start another increase.

• DOGE price started a downside correction from the $0.1500 resistance level.


• The price is trading below the $0.1420 level and the 100-hourly simple moving average.


• There is a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair (data source from Kraken).


• The price could gain bullish momentum if it clears the $0.1425 and $0.1450 resistance levels.

Dogecoin Price Eyes Upside Break

Dogecoin price started a downside correction from the $0.1500 resistance zone. DOGE dipped below $0.1450 and $0.1420 levels. A low was formed at $0.1330 and the price is now recovering losses like Bitcoin and Ethereum.

There was also a move above the $0.1350 and $0.1380 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low. However, the bears are active near the $0.1425 resistance zone.

There is also a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low.

Dogecoin price is now trading below the $0.1420 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1425 level. The next major resistance is near the $0.1450 level.

A close above the $0.1450 resistance might send the price toward the $0.1500 resistance. Any more gains might send the price toward the $0.1550 level. The next major stop for the bulls might be $0.1585.

Another Decline In DOGE?

If DOGE's price fails to climb above the $0.1425 level, it could start another decline. Initial support on the downside is near the $0.1365 level. The next major support is near the $0.1350 level.

The main support sits at $0.1320. If there is a downside break below the $0.1320 support, the price could decline further. In the stated case, the price might decline toward the $0.1250 level or even $0.1220 in the near term.

Technical Indicators

Hourly MACD - The MACD for DOGE/USD is now losing momentum in the bullish zone.

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

Major Support Levels - $0.1365 and $0.1320.

Major Resistance Levels - $0.1425 and $0.1450.

Source: Dogecoin (DOGE) Poised for Another Rise: Can Bulls Drive Higher?