The DOGE/USD exchange rate has broken the $0.1680 mark, starting a new round of increase. Dogecoin is currently in a consolidation phase, aiming to break through $0.1720.
DOGE price has started to rise again, breaking through the levels of $0.1650 and $0.1680.
The price is trading above the $0.1680 level and the 100-hour simple moving average.
A bullish trend line has formed on the hourly chart of DOGE/USD, with support at $0.1680 (data from Kraken).
If the price breaks through the resistance levels of $0.1720 and $0.1750, it may begin a new round of increase.
Dogecoin's price is expected to rise further.
Dogecoin's price is following Bitcoin and Ethereum, starting a new round of increase from the $0.1650 area. Dogecoin successfully broke through the resistance levels of $0.1665 and $0.1680.
Bulls even pushed the price above the resistance level of $0.170. The price is steadily rising, even breaking the 50% Fibonacci retracement level of the downward trend from the $0.1722 swing high to the $0.1657 low.
Dogecoin's price is currently trading above $0.1680 and the 100-hour simple moving average. Additionally, a bullish trend line is forming on the hourly chart of the DOGE/USD pair, with support at $0.1680.
The immediate resistance level on the upside is around $0.1720. The first major resistance level for bulls may be around $0.1730, or the 61.8% Fibonacci retracement level of the downward trend from the $0.1722 swing high to the $0.1657 low.
The next major resistance level is around $0.1750. If the closing price breaks above the $0.1750 resistance level, it may push the price up to the $0.180 resistance level. If it continues to rise, it may push the price up to $0.200. The next major stop-loss level for bulls may be $0.2120.
Is DOGE falling again?
If Dogecoin's price fails to break above $0.1750, it may fall again. The initial support level on the downside is around $0.1680, which is near the trend line area. The next major support level is around $0.1650.
The major support level is at $0.1610. If the support level of $0.1610 is broken, the price may decline further. In that case, the price may drop to $0.1550 or even $0.1520 in the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently 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 - $0.1680 and $0.1650.
Major resistance levels - $0.1720 and $0.1750.
