Dogecoin started with a new rally from the $0.0950 zone against the US dollar. DOGE is now facing obstacles near $0.1075 and could be headed higher.
- DOGE price started a decent rally above $0.100 and $0.1050.
- The price is trading above the $0.1040 level and the 100-hour simple moving average.
- There is a key bullish trendline forming with support at $0.1020 on the DOGE/USD hourly chart (data source from Kraken).
- The price could continue to rise if it stays above $0.10.
Dogecoin price rises above obstacles
Dogecoin price remained supported above the $0.0965 zone and started a new rally, beating Bitcoin and Ethereum. DOGE climbed above the $0.0985 and $0.10 resistance levels.
The price rallied over 8% and tested the $0.1120 zone. It sharply corrected some gains and reached $0.1009 again. The bulls remained in action and pushed the price back above $0.1050. There was a move above the 50% Fib retracement level of the $0.1120 downside move to the $0.1009 low.
Dogecoin price is now trading above the $0.1050 level and the 100-hour simple moving average. Additionally, there is a key bullish trend line forming with support at $0.1020 on the hourly chart of the DOGE/USD pair.
If the bulls remain active, the price may try to rise again. Current resistance on the upside is near the $0.1075 level or the 61.8% Fib retracement level of the $0.1120 downside move to the $0.1120 low.
The first major resistance for the bulls could be near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance could send the price towards the $0.1150 resistance. Any further gains could send the price towards the $0.120 level. The next major stop for the bulls could be $0.1250.
Another DOGA crash?
If the price of DOGE fails to climb above the $0.1075 level, it may continue to fall. Initial support on the downside is near the $0.1035 level. The next major support is near the $0.1020 level.
The main support is $0.10. If there is a break below the $0.10 support, the price could fall further. In the said case, the price could slide towards the level of $0.0955 or even $0.0950 in the near future.
Technical indicators
Hourly MACD – MACD for DOGE/USD is now gaining momentum in the uptrend zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.1035 and $0.1020.
Major resistance levels – $0.1075 and $0.1120.
