Dogecoin has started a new price increase and surpassed the $0.2420 mark against the US dollar. DOGE is currently adjusting its gains and may start rising again.

  • The price of DOGE has started to rise again above $0.2320 and $0.2420.

  • The price is trading above $0.2420 and the 100-hour simple moving average.

  • There is a forming bullish trend line with support at $0.2460 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could start to rise again if it surpasses the resistance zone of $0.2550.

Dogecoin Price Extends Gains

The price of Dogecoin began to rise again after finding support near $0.2220, similar to Bitcoin and Ethereum. DOGE has risen and recovered above the resistance at $0.2350.

The buyers even pushed the price above the resistance zone at $0.2420. However, the sellers are active near $0.2550. A high was formed at $0.2542 and the price is currently adjusting some gains. There is a move below the Fib retracement level of 23.6% of the upward move from the swing low of $0.2227 to the high of $0.2542.

The price of Dogecoin is currently trading above $0.2450 and the 100-hour simple moving average. Additionally, there is an upward trend line connecting the support at $0.2460 on the hourly chart of the DOGE/USD pair.

The immediate resistance level above is near $0.2550. The first major resistance level for the buyers could be near $0.2620. The next major resistance level is around $0.2650. A close above the resistance at $0.2680 could push the price to the resistance at $0.280. Any further increase could push the price to $0.2840. The next major stop for the buyers could be $0.30.

Is a Bearish Adjustment in DOGE?

If the DOGE price does not surpass $0.2550, it may start another bearish phase. Initial support on the downside is near $0.2450 and the trend line. The next major support is near $0.2385 and the 50% Fibonacci retracement level of the move from the low of $0.2227 to the high of $0.2542.

The main support level is at $0.2320. If there is a breakdown below the support at $0.2320, the price could decline further. In that case, the price could drop to $0.220 or even $0.2120 in the near future.

Technical Indicator

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

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

Major support levels – $0.2450 and $0.2350.

Major resistance levels – $0.2550 and $0.2620.