Dogecoin began a new upward trend from the $0.1650 support level against the US Dollar. With current momentum, DOGE is poised to rise toward the $0.185 zone.
- DOGE price commenced a fresh increase, surpassing both the $0.170 and $0.172 resistance levels.
- The price is currently trading above the $0.1750 mark, alongside the 100-hourly simple moving average.
- A connecting bullish trend line is forming with critical support at $0.1740, as seen on the hourly chart for the DOGE/USD pair (data sourced from Kraken).
- Should the price clear the $0.180 resistance level, it could embark on a new wave of increases.
Dogecoin Price Aims Higher
Following a strong support found near $0.1650, Dogecoin’s price began to rise, mirroring the performance of major cryptocurrencies like Bitcoin and Ethereum. In fact, DOGE has successfully moved above the $0.170 resistance zone.
The bullish trend was bolstered as the price exceeded the 50% Fibonacci retracement level of the previous downward movement from a high of $0.1843 to a low of $0.1642. Furthermore, a connecting bullish trend line is emerging with support at $0.1740 on the hourly chart for the DOGE/USD pair.
Currently, Dogecoin is trading above the $0.1750 level, accompanied by the 100-hourly simple moving average. Immediate resistance is identified near the $0.1780 level.
The initial significant resistance level for bullish traders may lie around $0.1790, coinciding with the 76.4% Fibonacci retracement of the preceding downward trend. Beyond this, the $0.1840 level represents another major resistance point. A daily close above $0.1840 could trigger further upward movement toward the $0.1880 resistance area, with potential gains possibly reaching $0.1920. The bulls may eventually target the key psychological level of $0.200.
What if Dogecoin Declines?
Conversely, should DOGE’s price struggle to break above $0.1790, a potential decline could ensue. Initial support on the downside is likely at the $0.1740 level, with further support near $0.1720.
The critical support to monitor resides at $0.1650. A breach of this level may result in a further decline, potentially dragging the price down toward $0.1550 or even $0.1450 in the near term.
In terms of technical indicators:
Hourly MACD: The MACD for DOGE/USD is gaining upward momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is currently above the 50 threshold, suggesting positive momentum.
Major Support Levels: $0.1740 and $0.1720.
Major Resistance Levels: $0.1790 and $0.1850.
