Dogecoin (DOGE) Gears Up for Next Leg Higher — Will Resistance Break?

Dogecoin started a fresh increase from the $0.220 zone against the US Dollar. DOGE is now gaining pace and might rise toward the $0.2650 zone.

• DOGE price started a fresh increase above the $0.220 and $0.2320 levels.
• The price is trading above the $0.2350 level and the 100-hourly simple moving average.
• There is a connecting bullish trend line forming with support at $0.2350 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start a fresh increase if it clears the $0.2450 resistance zone.

Dogecoin Price Aims Higher

Dogecoin price started a fresh increase after it found support near $0.2170, like Bitcoin and Ethereum. DOGE climbed and recovered above the $0.2250 resistance zone.

The bulls even pushed the price above the 50% Fib retracement level of the downward move from the $0.2531 swing high to the $0.2173 low. Besides, there is a connecting bullish trend line forming with support at $0.2350 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.2350 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.240 level.

The first major resistance for the bulls could be near the $0.2440 level and the 76.4% Fib retracement level of the downward move from the $0.2531 swing high to the $0.2173 low. The next major resistance is near the $0.2530 level. A close above the $0.2530 resistance might send the price toward the $0.2650 resistance. Any more gains might send the price toward the $0.2720 level. The next major stop for the bulls might be $0.2850.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.2440 level, it could start another decline. Initial support on the downside is near the $0.2350 level. The next major support is near the $0.2250 level.

The main support sits at $0.2150. 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 $0.20 level or even $0.1880 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 – $0.2350 and $0.2250.

Major Resistance Levels – $0.2440 and $0.2530.