Dogecoin (DOGE) Rebound Hits Resistance, Raising Fresh Rejection Risks

[Ben Graham]

Dogecoin started a steady increase above $0.130 against the US Dollar. DOGE is now consolidating and might decline if it trades below $0.1275.

• DOGE price started a fresh increase above $0.1280 and $0.130.
• The price is trading above the $0.130 level and the 100-hourly 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 aim for a fresh increase if it remains stable above $0.1280.

Dogecoin Price Consolidates Gains

Dogecoin price started a fresh increase after it settled above $0.1280, like Bitcoin and Ethereum. DOGE climbed above the $0.130 resistance to enter a positive zone.

The bulls were able to push the price above $0.1320. A 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 upward move from the $0.1198 swing low to the $0.1352 high.

Dogecoin price is now trading below the $0.130 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1315 on the hourly chart of the DOGE/USD pair.

If there is another increase, immediate resistance on 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 might send the price toward $0.1460. Any more gains might send the price toward $0.150. The next major stop for the bulls might be $0.1550.

Downside Break In DOGE?

If DOGE’s price fails to climb above the $0.1350 level, it could start a downside correction. 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 upward move from the $0.1198 swing low to the $0.1352 high.

The main support sits at $0.1235. If there is a downside break below the $0.1235 support, the price could decline further. In the stated case, the price might slide toward the $0.1220 level or even $0.120 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 – $0.1310 and $0.1275.

Major Resistance Levels – $0.1350 and $0.1380.