Dogecoin (DOGE) Eyes Acceleration: Will It Climb Higher?

Dogecoin

Shiba Inu

NewsBTCSep 19, 2024 5:34 AM

Dogecoin started a fresh increase from the $0.0985 support against the US Dollar. DOGE could gain pace if it clears the $0.1085 resistance.

DOGE price is eyeing an upside break above $0.1085.
The price is trading above the $0.100 level and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could rally if it clears the $0.1060 and $0.1085 resistance levels.

Dogecoin Price Rises Again

After a steady decline, Dogecoin price found support near the $0.0985 level. A base was formed, and DOGE started a decent upward move like Bitcoin and Ethereum. There was a move above the $0.1020 and $0.1040 resistance levels.

Besides, there was a break above a key bearish trend line with resistance at $0.1030 on the hourly chart of the DOGE/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $0.1084 swing high to the $0.0985 low.

Dogecoin price is now trading above the $0.1040 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1050 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.1084 swing high to the $0.0985 low.

The next major resistance is near the $0.1060 level. A close above the $0.1060 resistance might send the price toward the $0.1085 resistance. Any more gains might send the price toward the $0.1150 level. The next major stop for the bulls might be $0.1200.

Another Rejection In DOGE?

If DOGE’s price fails to climb above the $0.1060 level, it could start another decline. Initial support on the downside is near the $0.1030 level and the same trend line. The next major support is near the $0.1020 level.

The main support sits at $0.0985. If there is a downside break below the $0.0985 support, the price could decline further. In the stated case, the price might decline toward the $0.0920 level or even $0.0885 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 – $0.1030 and $0.1000.

Major Resistance Levels – $0.1060 and $0.1085.

Reviewed byTony

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