Dogecoin (DOGE) Advances Boldly—Is a Surge Just Around the Corner?

[Ben Graham]

Dogecoin started a fresh increase from the $0.1950 zone against the US Dollar. DOGE is now consolidating and might aim for more gains above $0.2250.

• DOGE price started a fresh increase above the $0.2120 level.
• The price is trading above the $0.2150 level and the 100-hourly simple moving average.
• There is a key bullish trend line forming with support at $0.2150 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start a fresh upward move if it clears the $0.2250 and $0.2350 resistance levels.

Dogecoin Price Regains Traction

Dogecoin price started a fresh increase above the $0.2020 resistance zone, like Bitcoin and Ethereum. DOGE was able to clear the $0.2120 and $0.2150 resistance levels.

There was a clear move above the $0.220 level. Finally, the price tested $0.2250. A high is formed at $0.224 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.1956 swing low to the $0.2243 high.

Dogecoin price is now trading above the $0.220 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.2150 on the hourly chart of the DOGE/USD.

Immediate resistance on the upside is near the $0.2250 level. The first major resistance for the bulls could be near the $0.2320 level. The next major resistance is near the $0.2420 level. A close above the $0.2420 resistance might send the price toward the $0.250 resistance. Any more gains might send the price toward the $0.2650 level. The next major stop for the bulls might be $0.2780.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.2250 level, it could start a fresh decline. Initial support on the downside is near the $0.2175 level. The next major support is near the $0.2150 level.

The main support sits at $0.210 or the 50% Fib retracement level of the upward move from the $0.1956 swing low to the $0.2243 high. If there is a downside break below the $0.2150 support, the price could decline further. In the stated case, the price might decline toward the $0.2050 level or even $0.2020 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 – $0.2175 and $0.2150.

Major Resistance Levels – $0.2250 and $0.2320.