Dogecoin Price Eyes More Upsides

Dogecoin price started a fresh increase above the $0.1200 resistance zone. DOGE gained traction for a move above the $0.1320 resistance zone

Dogecoin price gained traction on Monday as it rallied past Bitcoin and its price is now aiming for further rises. DOGE price started a fresh increase above the $0.1200 resistance zone. DOGE gained momentum for a move above the $0.1320 resistance zone and outperformed Bitcoin and Ethereum. There was also a move above the $0.1350 and $0.1400 resistance levels.

The price reached a high of $0.1467 and recently saw a minor downside correction. The price declined below the $0.1420 level. It traded below the 23.6 Fibonacci retracement level of the upward move from the $0.1206 swing low to $0.1467 high.

However, the bulls are active above the $0.1350 level. There is also a key bullish trend line forming with support near $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1320 level and the 100 hourly simple moving average. Above, immediate resistance is near the $0.1465 level. The next major resistance is near the $0.1480 level.

A close above the $0.1480 resistance could send the price towards the $0.1520 resistance. Any further gains could send the price towards the $0.1550 level. The next big stop for the bulls could be $0.1585.

Are Drops Supported in DOGE?

If DOGE price fails to climb above the $0.1465 level, it could start another decline. Below, an initial support is near the $0.1420 level. The next major support is near the $0.1400 level.

The main support sits at $0.1335 or the 50 Fibonacci retracement level of the upward move from the $0.1206 swing low to the $0.1467 high. If there is a break below the $0.1335 support, the price could decline further. In the mentioned case, the price could drop to $0.1250 or even $0.1220 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.1465 and $0.1500.

Major Resistance Levels – $0.1420 and $0.1335.

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