Dogecoin Price Eyes More Gains

Dogecoin price started a fresh surge after it reclaimed the $0.1650 resistance like Bitcoin and Ethereum. DOGE was able to gain pace for a move above the $0.1800 and $0.1850 resistance levels.

Dogecoin price started a fresh surge above the $0.180 resistance against the US Dollar. There was a break above a key bearish trend line with resistance at $0.1620 on the hourly chart. Immediate resistance on the upside is near the $0.2150 level.

Dogecoin Price Eyes More Gains

The price of dogecoin started a fresh increase after it breached the $0.1650 resistance, much like Bitcoin and Ethereum. Following this breakout, DOGE was able to quickly move up and clear the $0.1800 and $0.1850 resistance levels.

There was also a break above a key bearish trend line with resistance at $0.1620 on the hourly chart of the DOGE/USD pair. The pair even surged above $0.2000. It encountered resistance at $0.2200, and the price is currently consolidating above the 23.6% Fib retracement level of the upward movement from the $0.1654 swing low to the $0.2200 high.

Dogecoin price is trading above the $0.200 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2150 level. The next major resistance is around the $0.220 level.

A close above the $0.220 resistance could lead the price toward the $0.2320 resistance. Any further gains could send the price toward the $0.2420 level. The next major stop for the bulls might be at $0.250.

Are Dips Supported In DOGE?

If DOGE’s price fails to climb above the $0.2150 level, it could begin another decline. In this scenario, the initial support on the downside is around the $0.2080 level. Following this, the next major support is near the $0.1920 level, which also coincides with the 50% Fib retracement level of the upward movement from the $0.1654 swing low to the $0.2200 high.

The main support sits at $0.1780. If there is a downside break below the $0.1780 support, the price could decline further. In the stated case, the price might decline toward the $0.1650 level or even $0.1620 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

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

Major Support Levels – $0.2080 and $0.1920.

Major Resistance Levels – $0.2150 and $0.2200.

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