Dogecoin (DOGE) Rockets to $0.20 — Can It Go Even Higher?

[Redator]

Dogecoin started a fresh increase above the $0.180 zone against the US Dollar. DOGE is now consolidating and might aim for a move above $0.20.

• DOGE price started a fresh increase above the $0.1750 and $0.180 levels.
• The price is trading above the $0.1880 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.1910 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start a fresh rally if it clears the $0.1980 and $0.20 resistance levels.

Dogecoin Price Eyes More Gains

Dogecoin price started a fresh increase from the $0.1750 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.180 and $0.1880 resistance levels.

The bulls even pushed the price above the $0.1920 resistance. Finally, the price traded close to the $0.20 barrier. A high was formed at $0.1992 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1660 swing low to the $0.1992 high.

Dogecoin price is now trading above the $0.1880 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1910 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.1980 level. The first major resistance for the bulls could be near the $0.20 level. The next major resistance is near the $0.2050 level. A close above the $0.2050 resistance might send the price toward the $0.220 resistance. Any more gains might send the price toward the $0.2320 level. The next major stop for the bulls might be $0.250.

Downside Correction In DOGE?

If DOGE’s price fails to climb above the $0.20 level, it could start a downside correction. Initial support on the downside is near the $0.1910 level or the trend line zone. The next major support is near the $0.1820 level or the 50% Fib retracement level of the upward move from the $0.1660 swing low to the $0.1992 high.

The main support sits at $0.1780. If there is a downside break below the $0.1780 support, the price could decline further. In the stated case, the price might decline toward the $0.1750 level or even $0.1720 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1910 and $0.1880.

Major Resistance Levels – $0.1980 and $0.2000.