Dogecoin Price Eyes Upside Break, Can It Follow Bitcoin's Rise?

After a short-term pullback, Dogecoin price found support near the $0.1280 zone. A low was formed at $0.1282 and DOGE price is now rising.

Dogecoin (DOGE) began a steady increase from the $0.1280 zone against the US Dollar. DOGE could gain pace if it clears the $0.1360 resistance zone.

After a short-term pullback, Dogecoin price found support near the $0.1280 zone. A low was formed at $0.1282 and DOGE price is now rising. There was a move above the $0.130 resistance zone.

The price surpassed the 50% Fib retracement level of the downward move from the $0.1386 swing high to the $0.1282 low. However, DOGE is well behind Bitcoin since the latter was able to clear the $68,800 resistance zone.

Dogecoin is now trading above the $0.1320 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1345 level. The next major resistance is close to the $0.1360 level. There is also a key bearish trend line forming with resistance at $0.1362 on the hourly chart of the DOGE/USD pair. The trend line is close to the 76.4% Fib retracement level of the downward move from the $0.1386 swing high to the $0.1282 low.

A close above the $0.1360 resistance might send the price toward the $0.1420 resistance. Any more gains could send the price toward the $0.150 level. The next major stop for the bulls might be $0.1650.

If DOGE’s price fails to gain pace above the $0.1360 level, it could start a downside correction. Initial support on the downside is near the $0.1320 level. The next major support is close to the $0.1300 level.

The main support sits at $0.1280. If there is a downside break below the $0.1280 support, the price could decline further. In the stated case, the price might decline toward the $0.1145 level.

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 – $0.1320 and $0.1280.

Major Resistance Levels – $0.1360 and $0.1420.

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