Dogecoin started a steady rise above $0.130 against the US dollar. DOGE is now consolidating and could fall if it trades below $0.1275.
- DOGE price started a new rally above $0.1280 and $0.130.
- The price is trading above the $0.130 level and the 100-hour simple moving average.
- There is a bullish trend line forming with support at $0.1315 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could target another upside if it remains stable above $0.1280.
Dogecoin price consolidates gains
Dogecoin price started a new rally after breaking above $0.1280, like Bitcoin and Ethereum. DOGE climbed above the $0.130 resistance and entered the positive zone.
The bulls managed to push the price above $0.1320. The high was formed at $0.1352 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upside move from the swing low of $0.1198 to the high of $0.1352.
Dogecoin price is now trading below the $0.130 level and the 100-hour simple moving average. In addition, a bullish trend line is forming with support at $0.1315 on the hourly chart of the DOGE/USD pair.
If there is another increase, immediate resistance to the upside is near the $0.1350 level. The first major resistance for the bulls could be near the $0.1380 level. The next major resistance is near the $0.1420 level. A close above the $0.1420 resistance could send the price towards $0.1460. Any additional gains could take the price to $0.150. The next major stop for the bulls could be $0.1550.
The downside of DOGE?
If DOGE price fails to rise above the $0.1350 level, a downward correction could begin. Initial support on the downside is near the $0.1310 level and the trend line. The next major support is near the $0.1275 level and the 50% Fib retracement level of the $0.1198 low to $0.1352 high.
Major support is at $0.1235. If there is a break below the $0.1235 support, the price could fall further. In the said case, the price could slide towards the $0.1220 level or even $0.120 in the near future.
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 below the 50 level.
Major support levels – $0.1310 and $0.1275.
Major resistance levels – $0.1350 and $0.1380.
