Dogecoin started a fresh increase above the $0.20 zone against the US Dollar. DOGE is now consolidating and might aim for more gains if it clears $0.2180.
The bulls were able to push the price above $0.2050 and $0.2120. A high was formed at $0.2182 and the price is now correcting gains. There was a move below the 50% Fib retracement level of the recent wave from the $0.1787 swing low to the $0.2182 high.
Dogecoin price is now trading above the $0.20 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1980 on the hourly chart of the DOGE/USD pair.
If there is another increase, immediate resistance on the upside is near the $0.2085 level. The first major resistance for the bulls could be near the $0.2120 level. The next major resistance is near the $0.2180 level. A close above the $0.2180 resistance might send the price toward $0.2320. Any more gains might send the price toward $0.250. The next major stop for the bulls might be $0.2620.
If DOGE’s price fails to climb above the $0.2120 level, it could start a downside correction. Initial support on the downside is near the $0.20 level. The next major support is near the $0.1980 level and the trend line.
The main support sits at $0.1880. If there is a downside break below the $0.1880 support, the price could decline further. In the stated case, the price might slide toward the $0.1720 level or even $0.1650 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 below the 50 level.
Major Support Levels – $0.1980 and $0.1880.
Major Resistance Levels – $0.2120 and $0.2180.
