Dogecoin (DOGE) Turns Higher – Is This The Beginning Of A Stronger Recovery?

[Ben Graham]

Dogecoin started a fresh increase above the $0.250 zone against the US Dollar. DOGE is now consolidating and might aim for more gains above $0.270.

• DOGE price started a fresh upward move above $0.250 and $0.2550.
• The price is trading above the $0.2550 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.2580 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could aim for more gains if it remains stable above $0.2550.

Dogecoin Price Turns Green

Dogecoin price started a fresh increase after it settled above $0.2350, like Bitcoin and Ethereum. DOGE climbed above the $0.250 resistance to enter a positive zone.

The bulls were able to push the price above $0.260 and $0.2620. A high was formed at $0.2701 and the price is now consolidating gains near the 23.6% Fib retracement level of the recent wave from the $0.2507 swing low to the $0.2701 high.

Dogecoin price is now trading above the $0.260 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.2580 on the hourly chart of the DOGE/USD pair.

If there is another increase, immediate resistance on the upside is near the $0.270 level. The first major resistance for the bulls could be near the $0.2720 level. The next major resistance is near the $0.280 level. A close above the $0.280 resistance might send the price toward $0.2880. Any more gains might send the price toward $0.2920. The next major stop for the bulls might be $0.30.

Pullback In DOGE?

If DOGE’s price fails to climb above the $0.270 level, it could start a downside correction. Initial support on the downside is near the $0.2650 level. The next major support is near the $0.2580 level and the trend line.

The main support sits at $0.250. If there is a downside break below the $0.250 support, the price could decline further. In the stated case, the price might slide toward the $0.2320 level or even $0.2250 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 – $0.2580 and $0.2550.

Major Resistance Levels – $0.2700 and $0.2720.