Dogecoin (DOGE) Bounces Off Lows, But $0.180 Cap Remains A Challenge

[Ben Graham]

Dogecoin started a fresh increase above the $0.1650 zone against the US Dollar. DOGE is now consolidating and might aim for a move above $0.1720.

• DOGE price started a fresh increase above the $0.1620 and $0.1650 levels.
• The price is trading above the $0.1650 level and the 100-hourly simple moving average.
• There was a break above a key bearish trend line with resistance at $0.1640 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start a fresh decline if it stays below the $0.1720 zone and $0.1800.

Dogecoin Price Faces Hurdles

Dogecoin price started a fresh increase from the $0.1565 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.1600 and $0.1620 resistance levels.

The bulls even pushed the price above the $0.170 resistance. Besides, there was a break above a key bearish trend line with resistance at $0.1640 on the hourly chart of the DOGE/USD pair. A high was formed at $0.1726 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $0.1565 swing low to the $0.1726 high.

Dogecoin price is now trading above the $0.1650 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1710 level. The first major resistance for the bulls could be near the $0.1720 level.

The next major resistance is near the $0.1750 level. A close above the $0.1750 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.200 level. The next major stop for the bulls might be $0.2120.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1720 level, it could start another decline. Initial support on the downside is near the $0.1650 level or the 50% Fib retracement level of the upward move from the $0.1565 swing low to the $0.1726 high. The next major support is near the $0.1620 level.

The main support sits at $0.1560. If there is a downside break below the $0.1560 support, the price could decline further. In the stated case, the price might decline toward the $0.150 level or even $0.1450 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.

Major Support Levels – $0.1650 and $0.1620.

Major Resistance Levels – $0.1720 and $0.1800.