Dogecoin (DOGE) Strengthens as Altcoin Rally Signals Renewed Risk Appetite

Dogecoin started a major increase above $0.10 against the US Dollar. DOGE is now consolidating and might decline again if it fails to clear $0.1060.

• DOGE price started a fresh increase above $0.0950 and $0.10.
• The price is trading above the $0.10 level and the 100-hourly simple moving average.
• There was a break above a bearish trend line with resistance at $0.0942 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 $0.0988.

Dogecoin Price Consolidates Gains

Dogecoin price started a fresh increase after it settled above $0.0950, like Bitcoin and Ethereum. DOGE climbed above the $0.0980 resistance to enter a positive zone.

There was also a break above a bearish trend line with resistance at $0.0942 on the hourly chart of the DOGE/USD pair. The bulls were able to push the price above $0.10. A high was formed at $0.1061 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.0910 swing low to the $0.1061 high.

Dogecoin price is now trading above the $0.10 level and the 100-hourly simple moving average. If there is another increase, immediate resistance on the upside is near the $0.1028 level. The first major resistance for the bulls could be near the $0.1050 level.

The next major resistance is near the $0.1080 level. A close above the $0.1080 resistance might send the price toward $0.1120. Any more gains might send the price toward $0.120. The next major stop for the bulls might be $0.1220.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1050 level, it could start a downside correction. Initial support on the downside is near the $0.10 level. The next major support is near the $0.0.988 level or the 50% Fib retracement level of the upward move from the $0.0910 swing low to the $0.1061 high.

The main support sits at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, the price might slide toward the $0.0920 level or even $0.090 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.0988 and $0.0.950.

Major Resistance Levels – $0.1050 and $0.1120.