Dogecoin (DOGE) Slows Near $0.1120, Bulls Face Crucial Test

TL;DR

Dogecoin (DOGE) is experiencing upward momentum, trading above $0.1090 after starting an increase from $0.1050. However, it faces resistance near $0.1120 as bulls aim for a larger rally.

Key points

DOGE price started an upward move above $0.1080 and $0.1085
Price is trading above $0.1090 and the 100-hourly moving average
Key support at $0.1090 is forming a contracting triangle

Dogecoin

Dogecoin started a fresh increase from the $0.1050 zone against the US Dollar. DOGE is now facing hurdles near $0.1120 and might aim for a larger rally.

DOGE price started a decent upward move above $0.1080 and $0.1085.
The price is trading above the $0.1090 level and the 100-hourly simple moving average.
There is a key contracting triangle forming with support at $0.1090 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move up if it stays above $0.1080.

Dogecoin Price Faces Hurdles

Dogecoin price remained supported above the $0.1020 zone and started a fresh increase, like Bitcoin and Ethereum. DOGE climbed above the $0.1080 and $0.1085 resistance levels.

The price gained over 5% and tested the $0.1125 zone. There was a move above the 50% Fib retracement level of the downward move from the $0.1172 swing high to the $0.1058 low. Besides, there is a key contracting triangle forming with support at $0.1090 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.110 level and the 100-hourly simple moving average. If the bulls remain active, the price could attempt another increase. Immediate resistance on the upside is near the $0.1120 level.

Source: DOGEUSD on TradingView.com

The first major resistance for the bulls could be near the $0.1128 level or the 61.8% Fib retracement level of the downward move from the $0.1172 swing high to the $0.1058 low. The next major resistance is near the $0.1145 level. A close above the $0.1145 resistance might send the price toward the $0.1170 resistance. Any more gains might send the price toward the $0.120 level. The next major stop for the bulls might be $0.1250.