Dogecoin (DOGE) Turns Attractive—Bulls Aim Key Upside Break And Gains

Dogecoin corrected some gains from the $0.0985 zone against the US Dollar. DOGE is now holding the $0.0950 support and might aim for a fresh upside.

• DOGE price started a fresh downside correction below $0.0965.
• The price is trading above the $0.0950 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.0955 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could aim for a fresh increase if it remains stable above $0.0950.

Dogecoin Price Holds Support

Dogecoin price started a downside correction after it failed to surpass $0.0985, like Bitcoin and Ethereum. DOGE declined below the $0.0980 and $0.0970 levels.

There was a move below the 50% Fib retracement level of the upward move from the $0.0936 swing low to the $0.0985 high. The price even spiked below $0.0955 before the bulls appeared. Dogecoin price is now trading above the $0.0950 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.0955 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.0980 level. The first major resistance for the bulls could be near the $0.0985 level. The next major resistance is near the $0.10 level.

A close above the $0.10 resistance might send the price toward $0.1120. Any more gains might send the price toward $0.1150. The next major stop for the bulls might be $0.120.

Downside In DOGE?

If DOGE’s price fails to climb above the $0.0980 level, it could continue to move down. Initial support on the downside is near the $0.0955 level and the trend line. It is close to the 61.8% Fib retracement level of the upward move from the $0.0936 swing low to the $0.0985 high.

The next major support is near the $0.0950 level. The main support sits at $0.0920. If there is a downside break below the $0.0920 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level. Any more losses might call for a test of $0.0850.

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 – $0.0950 and $0.0920.

Major Resistance Levels – $0.0980 and $0.0985.

Source link