Dogecoin started a decent rise above $0.1125 against the US Dollar. $DOGE is now consolidating and could target a bullish breakout above $0.1155.
- $DOGE The price started a fresh rise above $0.1120 and $0.1135.
- The price is trading above the $0.1120 level and the 100 hourly simple moving average.
- There is a contracting triangle forming with support at $0.1115 on the hourly chart of the $DOGE/USD pair (data source from Kraken).
- The price could aim for further upside if it remains stable above $0.110.
Dogecoin price climbs above $0.1150
Dogecoin price began a further rise after stabilizing above $0.110, outperforming Bitcoin and Ethereum. $DOGE climbed above the $0.1120 resistance to enter a positive zone.
The bulls managed to push the price above $0.1150. A high formed at $0.1153 and the price is currently consolidating. There was a slight decline below the 23.6% Fibonacci retracement level of the upward move from the $0.1095 low to $0.1153 high.
Dogecoin price is now trading above the $0.1120 level and the 100 hourly simple moving average. There is also a contracting triangle forming with support at $0.1115 on the hourly chart of the $DOGE/USD pair.
If there is another increase, the immediate upside resistance will be near the $0.1140 level. The first major resistance for the bulls could be near the $0.1150 level. The next major resistance is near the $0.1165 level. A close above the $0.1165 resistance could push the price towards $0.120. Any further gains could push the price towards $0.1220. The next major stop for the bulls could be $0.1250.
Downward correction in $DOGE?
If $DOGEIf the price fails to rise above the $0.1150 level, it could trigger a downward correction. Initial support on the downside is near the $0.1115 level, the triangle and the 61.8% Fibonacci retracement level of the upward move from the $0.1095 low to $0.1153 high. The next major support is near the $0.110 level.
The main support lies at $0.1075. If there is a downward break below the $0.1075 support, the price could decline further. In the stated case, the price could slide towards the $0.1030 level or even $0.1020 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 above the 50 level.
Key Support Levels – $0.1115 and $0.1100
Major resistance levels – $0.1150 and $0.1200.
