Dogecoin has started a new price increase from the $0.220 area against the US dollar. DOGE is currently accelerating and could rise to $0.2650.

  • DOGE price has started to rise again above $0.220 and $0.2320.

  • The price is trading above $0.2350 and the simple moving average of 100 hours.

  • There is a bullish trend line forming with support at $0.2350 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price may begin to rise again if it surpasses the resistance area of $0.2450.

Dogecoin Price Aiming for Higher Targets

Dogecoin price started to rise again after finding support near $0.2170, similar to Bitcoin and Ethereum. DOGE has increased and recovered above the resistance area of $0.2250.

Buyers have even pushed the price above the 50% Fib retracement of the move down from the high of $0.2531 to the low of $0.2173. Additionally, there is a bullish trend line forming with support at $0.2350 on the hourly chart of the DOGE/USD pair.

Dogecoin price is currently trading above $0.2350 and the simple moving average of 100 hours. Immediate resistance above is near $0.240.

The first key resistance level for buyers may be near $0.2440 and the Fibonacci retracement of 76.4% from the move down from the high of $0.2531 to the low of $0.2173. The next key resistance is near $0.2530. Closing above the resistance of $0.2530 could push the price to the resistance of $0.2650. Any further increase could push the price to $0.2720. The next main stop for buyers could be $0.2850.

Is DOGE Continuing to Decline?

If the DOGE price does not surpass $0.2440, it may begin another decline. Initial support on the downside is near $0.2350. The next key support is near $0.2250.

The key support level is at $0.2150. If there is a breakdown below the support of $0.2150, the price may decline further. In that case, the price could drop to $0.20 or even $0.1880 in the near future.

Technical indicators:

  • Hourly MACD – The MACD for DOGE/USD is currently accelerating in the bullish zone.

  • Hourly Relative Strength Index (RSI) – The RSI index for DOGE/USD is currently above 50.

  • Key support level – $0.2350 and $0.2250.

  • Key resistance level – $0.2440 and $0.2530.