Dogecoin begins a new price surge and surpasses the threshold of $0.2320 against the US dollar. DOGE is currently adjusting the gains and approaching the threshold of $0.2180.

  • The price of DOGE begins to rise again above $0.220 and $0.230.

  • The price is trading just below $0.2250 and the 100-hour simple moving average.

  • There is a forming ascending trend line with support at $0.220 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could begin to rise again if it surpasses the resistance area of $0.230.

The price of Dogecoin faces rejection

The price of Dogecoin begins to rise again after finding support near the level of $0.2110, similar to Bitcoin and Ethereum. DOGE has risen and recovered above the resistance area of $0.220.

The bulls even pushed the price above the resistance area of $0.2320. However, the bears are active near the level of $0.2380. A high was formed at $0.2378 and the price reacted lower. There is a move below the 50% Fib retracement level of the upward move from the low of $0.2109 to the high of $0.2370.

The price of Dogecoin is currently trading just below the level of $0.2250 and the 100-hour simple moving average. However, there is an ascending trend line forming with support at $0.220 on the hourly chart of the DOGE/USD pair.

The immediate resistance above is near the level of $0.2250. The first major resistance level for the bulls could be around $0.2320. The next major resistance level is near $0.2380. A close above the resistance of $0.2380 could push the price up to the resistance of $0.250. Any further increase could push the price up to $0.2720. The next major stop for the bulls could be $0.2850.

Is DOGE going to suffer more losses?

If the price of DOGE does not surpass the level of $0.2320, it may start another downward trend. The initial support on the downside is near the level of $0.220. The next major support is near $0.2170 and the Fibonacci retracement level of 76.4% from the increase from the low of $0.2109 to the high of $0.2370.

The major support level is at $0.2120. If there is a break below the support of $0.2120, the price could decrease 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 bearish zone.

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

Major support – $0.220 and $0.2120.

Major resistance – $0.2320 and $0.2380.