Dogecoin Price (DOGE) Bulls Target $0.15 Breakout: Can They Succeed?

Aayush Jindal

11 months ago

2 mins read

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Dogecoin started a steady increase above the $0.1320 resistance zone against the US Dollar. DOGE is consolidating and might extend its gains above $0.150.

DOGE price is eyeing more gains above the $0.150 resistance zone.
The price is trading above the $0.1320 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1345 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move up if it clears the $0.1420 resistance zone.

Dogecoin Price Regains Strength, More Upsides Ahead?

In the past few days, Dogecoin price saw a decent increase above the $0.1150 level. DOGE cleared the $0.1250 resistance to move into a positive zone like Bitcoin and Ethereum. The price even climbed above the $0.1320 level and the 100-hourly simple moving average.

A high was formed at $0.1437 and the price is now consolidating gains. There was a minor decline below the $0.140 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.1260 swing low to the $0.1437 high.

Dogecoin is now trading above the $0.1320 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1345 on the hourly chart of the DOGE/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.1260 swing low to the $0.1437 high.

Dogecoin Price — Source: DOGEUSD on TradingView.com

If there is a fresh increase, the price might face resistance near the $0.1420 level. The next major resistance is near the $0.1450 level. A close above the $0.1450 resistance might send the price toward the $0.150 resistance. Any more gains might send the price toward the $0.1650 level. The next major stop for the bulls might be $0.1720.

Are Dips Supported In DOGE?

If DOGE’s price fails to gain pace above the $0.1420 level, it could start a downside correction. Initial support on the downside is near the $0.1365 level. The next major support is near the $0.1320 level.

The main support sits at $0.1280. If there is a downside break below the $0.1280 support, the price could decline further. In the stated case, the price might decline toward the $0.1150 level.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1365 and $0.1320.

Major Resistance Levels – $0.1420 and $0.1500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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