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CoinDesk1 min read
Dogecoin (DOGE) Jumps Past $0.10, Bulls Eye Extended Upside Move
TL;DR
Dogecoin (DOGE) has surged past $0.10, showing strong upward momentum. The price is currently facing resistance near $0.1075 but could aim for further gains if it remains above $0.10.
Key points
- DOGE price started an upward move above $0.100
- Currently facing resistance near $0.1075
- Key bullish trend line forming with support at $0.1020
Dogecoin
Dogecoin started a fresh increase from the $0.0950 zone against the US Dollar. DOGE is now facing hurdles near $0.1075 and might aim for a larger rally.
- DOGE price started a decent upward move above $0.100 and $0.1050.
- The price is trading above the $0.1040 level and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $0.1020 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to move up if it stays above $0.10.
Dogecoin Price Rallies Above Hurdles
Dogecoin price remained supported above the $0.0965 zone and started a fresh increase, beating Bitcoin and Ethereum. DOGE climbed above the $0.0985 and $0.10 resistance levels.
The price gained over 8% and tested the $0.1120 zone. It corrected some gains sharply and revisited $0.1009. The bulls remained in action and pushed the price back above $0.1050. There was a move above the 50% Fib retracement level of the downward move from the $0.1120 swing high to the $0.1009 low.
Dogecoin price is now trading above the $0.1050 level and the 100-hourly simple moving average. Besides, there is a key bullish trend line forming with support at $0.1020 on the hourly chart of the DOGE/USD pair.
If the bulls remain active, the price could attempt another increase. Immediate resistance on the upside is near the $0.1075 level or the 61.8% Fib retracement level of the downward move from the $0.1120 swing high to the $0.1009 low.
Source: DOGEUSD on TradingView.com
The first major resistance for the bulls could be near the $0.1095 level. The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward the $0.1150 resistance. Any more gains might send the price toward the $0.120 level. The next major stop for the bulls might be $0.1250.
Q&A
What is the current price of Dogecoin (DOGE)?
As of now, Dogecoin (DOGE) is trading above $0.1040 and has recently surpassed the $0.10 mark.
What resistance levels is Dogecoin facing after its price increase?
Dogecoin is currently facing hurdles near the $0.1075 level after climbing above $0.10.
What factors are contributing to Dogecoin's recent price rally?
Dogecoin's recent rally is supported by a bullish trend line and its ability to stay above the $0.10 level, along with a significant price increase of over 8%.
