Dogecoin (DOGE) Lifts Further, Momentum Points To More Gains

Dogecoin started a decent increase above $0.1050 against the US Dollar. DOGE is now consolidating and might aim for an upside break above $0.1150.

• DOGE price started a fresh increase above $0.1150 and $0.120.
• The price is trading above the $0.1085 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.1085 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 $0.1150.

Dogecoin Price Climbs Above $0.1120

Dogecoin price started a fresh increase after it settled above $0.10, like Bitcoin and Ethereum. DOGE climbed above the $0.1050 resistance to enter a positive zone.

The bulls were able to push the price above $0.1120. A high was formed at $0.1137 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.1009 swing low to the $0.1137 high.

Dogecoin price is now trading above the $0.1100 level and the 100-hourly simple moving average. There is also a bullish trend line forming with support at $0.1085 on the hourly chart of the DOGE/USD pair.

If there is another increase, immediate resistance on the upside is near the $0.1135 level. The first major resistance for the bulls could be near the $0.1150 level.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.120 level. A close above the $0.120 resistance might send the price toward $0.1220. Any more gains might send the price toward $0.1250. The next major stop for the bulls might be $0.1320.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1150 level, it could start a downside correction. Initial support on the downside is near the $0.1100 level. The next major support is near the $0.1085 level or the trend line.