Dogecoin Price Eyes More Gains, Consolidate Above the $0.120 Resistance Zone

Dogecoin price started a steady increase above the $0.120 resistance zone against the US Dollar. DOGE is consolidating and might extend its gains above $0.1265.

Dogecoin technical analysis: DOGE eyes more gains after forming a base above $0.1050

After forming a base above the $0.1050 level, Dogecoin price began a steady increase. DOGE cleared the $0.1150 resistance to enter a bullish zone. The price even climbed above the $0.120 level and the 100-hourly simple moving average.

A high was formed at $0.1264 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1167 swing low to the $0.1264 high.

Dogecoin is now trading above the $0.1220 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1195 on the hourly chart of the DOGE/USD pair.

If there is a fresh increase, the price could face resistance near the $0.1265 level. The next major resistance is near the $0.1320 level. A close above the $0.1320 resistance might push the price toward the $0.1450 resistance.

Any further gains could send the price toward the $0.150 level. The next major stop for the bulls might be $0.1620.

Another decline in DOGE?

If DOGE's price fails to gain pace above the $0.1265 level, it could begin a downside correction. Initial support on the downside is near the $0.1240 level. The next major support is near the $0.1215 level and the 50% Fib retracement level of the upward move from the $0.1167 swing low to the $0.1264 high.

The main support sits at $0.1195. If there is a downside break below the $0.1195 support, the price could decline further. In this case, the price might decline toward the $0.1140 level.

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 - $0.1215 and $0.1195

Major Resistance Levels - $0.1265 and $0.1450🎜

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