The Dogecoin to USD exchange rate has broken the $0.180 mark, starting a new round of increases. Dogecoin is currently in a consolidation phase, with a target of breaking through $0.20.
The price of DOGE has started to rise again, breaking through the levels of $0.1750 and $0.180.
The trading price is above the $0.1880 level and the 100-hour simple moving average.
A bullish trend line has formed on the hourly chart for DOGE/USD, with support at $0.1910 (data source: Kraken).
If the price breaks through the resistance levels of $0.1980 and $0.20, a new round of increases may begin.
The price of Dogecoin is expected to rise further.
The price of Dogecoin is following Bitcoin and Ethereum, starting a new round of increases from the $0.1750 area. Dogecoin has successfully broken through the resistance levels of $0.180 and $0.1880.
Bulls have even pushed the price above the resistance level of $0.1920. Eventually, the price is approaching the $0.20 mark. The peak was formed at $0.1992, and the current price is consolidating its gains, breaking through the 23.6% Fibonacci retracement level from the low of $0.1660 to the high of $0.1992.
The price of Dogecoin is currently trading above $0.1880 and the 100-hour simple moving average. Additionally, on the hourly chart for the Dogecoin/USD pair, a bullish trend line is forming, with support at $0.1910.
The immediate resistance level in the upward direction is near $0.1980. The first major resistance level for bulls may be around $0.20. The next major resistance level is around $0.2050. If the closing price breaks through the $0.2050 resistance level, it may push the price towards the $0.220 resistance level. If it continues to rise, the price may drop towards $0.2320. The next major stop-loss level for bulls may be $0.250.
Is DOGE undergoing a downward correction?
If the price of Dogecoin fails to break through $0.20, it may initiate a downward correction. The initial support level in the downward direction is around $0.1910, which is near the trend line area. The next major support level is around $0.1820, which is the 50% Fibonacci retracement level of the upward move from the low of $0.1660 to the high of $0.1992.
Main support level at $0.1780. If the support level of $0.1780 is broken, the price may decline further. In this case, the price may drop to $0.1750 in the short term, or even to $0.1720.
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.
Main support levels - $0.1910 and $0.1880.
Main resistance levels - $0.1980 and $0.2000.
