Dogecoin (DOGE) Eyes Resistance and Potential Upside Movement

Dogecoin (DOGE) has begun a significant rise above $0.0920 against the US Dollar. Currently, DOGE is in a consolidation phase and may be aiming for an upward breakout above $0.0955.

Key Takeaways

DOGE's price has started climbing above $0.0920 and $0.0925.
The cryptocurrency is trading above the $0.0925 threshold and the 100-hourly simple moving average.
A bullish movement was noted as the price broke above a bearish trend line at $0.0935 on the hourly DOGE/USD chart (data sourced from Kraken).
The price may continue to rise as long as it stays above $0.0925.

Dogecoin (DOGE) Targets Resistance

Dogecoin Price Trends Upward

Dogecoin's price initiated a fresh increase after stabilizing above the $0.0920 mark, similar to movements seen in Bitcoin and Ethereum. As DOGE surpassed the $0.0920 resistance level, it entered a bullish territory.

A breach above a bearish trend line with resistance at $0.0935 has been confirmed on the hourly DOGE/USD chart. The bulls have successfully pushed the price past $0.0940, achieving a peak of $0.0957 before correcting some of these gains. Currently, it is trading below the 23.6% Fibonacci retracement level of the upward movement from the swing low of $0.0897 to the high of $0.0957.

At this moment, Dogecoin is trading above the $0.0925 level and the 100-hourly simple moving average. Should there be an additional increase, the immediate resistance is around the $0.0950 mark, with a significant hurdle for the bulls near $0.0955.

Dogecoin Price
Source: DOGEUSD on TradingView.com

The next crucial resistance is close to the $0.0980 level. If there is a close above this, it could propel the price toward $0.1020. Continued gains may allow the price to reach around $0.1050, with a potential target for the bulls at $0.1120.

Is Another Decline Possible for DOGE?

If DOGE fails to rise above the $0.09550 mark, a downward correction could commence. Immediate support on the downside is located near the $0.0928 level. Additional support appears close to the $0.0920 level, which corresponds to the 61.8% Fibonacci retracement level of the upward swing from $0.0897 to $0.0957.

The primary support level stands at $0.090. Should the price break below this support, it could decline further, potentially sliding to the $0.0880 level or even $0.0865 in the short term.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is currently losing momentum but remains in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is above the 50 mark.
Major Support Levels: $0.0925 and $0.0920.
Major Resistance Levels: $0.0955 and $0.0980.

This overview highlights Dogecoin's current market behavior and potential future trends, critical for investors and enthusiasts to monitor as the cryptocurrency landscape evolves.