Dogecoin started a new rally from the $0.0850 zone against the US dollar. DOGE currently faces a hurdle near $0.090 and could be headed for even bigger gains.
DOGE price started a decent rise above $0.0850 and $0.0880. The price is trading above the $0.0870 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, a bullish trend line has formed with support at $0.0870 (data source: Kraken). If the price remains above $0.0850, the price may continue to rise.
Dogecoin price faces hurdles
Dogecoin price remained supported above the $0.0850 zone and started a new rally similar to Bitcoin and Ethereum. DOGE has broken above the $0.0865 and $0.0870 resistance levels.
The price rose more than 2% and tested the $0.0890 zone. There was a move above the 38.2% Fib retracement level of the decline from the swing high of $0.0920 to the low of $0.0855. Furthermore, on the hourly chart of the DOGE/USD pair, a bullish trend line has formed with support at $0.0870.
Dogecoin price is currently trading above the $0.0870 level and the 100-hour simple moving average. If the bulls remain active, the price could try to move higher. Immediate upside resistance lies near the $0.0890 level and the 50% Fib retracement level of the decline from the swing high of $0.0920 to the low of $0.0855.
The first major resistance for the bulls could be around the $0.0905 level. The next major resistance level is near the $0.0920 level. If the closing price rises above the $0.0920 resistance, the price may head towards the $0.0950 resistance. Further upside could bring the price closer to the $0.10 level. The next major stop for the bulls could be at $0.1050.
Another decline in DOGE?
If DOGE price fails to break above the $0.090 level, the decline may continue. Downside support is near $0.0870. The next major support is near the $0.0855 level.
The main support lies at $0.0850. A downside break below the support at $0.0850 could cause the price to fall further. In the above case, the price could fall towards the $0.0820 level and even $0.080 in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – $0.0870 and $0.0855.
Key resistance levels – $0.090 and $0.10.
