Dogecoin (DOGE) Trends Higher, Larger Gains Could Be Ahead

TL;DR

Dogecoin (DOGE) has begun a fresh increase from $0.0970, trading above $0.0980. It faces resistance near $0.0995 but could rally further if it stays above $0.0970.

Key points

Dogecoin started an upward move from $0.0970 against the US Dollar
DOGE is trading above $0.0980 and the 100-hourly simple moving average
There is a bullish trend line with support at $0.0978 on the hourly chart

Dogecoin

Dogecoin started a fresh increase from the $0.0970 zone against the US Dollar. DOGE is now facing hurdles near $0.0995 and might aim for a larger rally.

DOGE price started a decent upward move above $0.0950 and $0.0985.
The price is trading above the $0.0980 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.0978 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move up if it stays above $0.0970.

Dogecoin Price Hits Resistance

Dogecoin price remained supported above the $0.0950 zone and started a fresh increase, beating Bitcoin and Ethereum. DOGE climbed above the $0.0980 and $0.0985 resistance levels.

There was a decent upward move above the 50% Fib retracement level of the downward move from the $0.1008 swing high to the $0.0969 low. However, the bears remained active near the $0.0995 zone. Besides, there is a key bullish trend line forming with support at $0.0978 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.0970 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 $0.0995 level or the 61.8% Fib retracement level of the downward move from the $0.1008 swing high to the $0.0969 low.

Source: DOGEUSD on TradingView.com

The first major resistance for the bulls could be near the $0.10 level. The next major resistance is near the $0.1050 level. A close above the $0.1050 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.120 level. The next major stop for the bulls might be $0.1250.