The Dogecoin to USD exchange rate has broken through the $0.1700 barrier, initiating a new round of increases. Dogecoin is currently correcting its gains and may find buying support around $0.1650.
DOGE price starts to rise significantly, breaking through the $0.1700 barrier.
The price trades above the $0.1650 level and the 100-hour simple moving average.
In the DOGE/USD hourly chart, it has broken below the key bullish trend line, with support at $0.1760 (data from Kraken).
If the price breaks through the resistance area of $0.1800, it may start a new round of increases.
Dogecoin price corrects its gains.
Dogecoin price, like Bitcoin and Ethereum, started a new round of increases after breaking the $0.1650 resistance level. Before the bears appeared, the price of Dogecoin had risen above the $0.1700 and $0.1800 resistance levels.
The price formed a high at $0.1852 and then began a downward correction. The price broke below the $0.180 and $0.1750 levels. The price broke below the 23.6% Fibonacci retracement level of the upward trend from the low of $0.1558 to the high of $0.1852.
In the DOGE/USD hourly chart, the price has also broken below the key bullish trend line, with support at $0.1760. Dogecoin is currently trading above $0.170.
Data source: DOGEUSD on TradingView.com
The immediate resistance on the upside is around $0.1780. The first key resistance for bulls may be around $0.180. The next key resistance is around $0.1850. If the closing price breaks above the $0.1850 resistance, it may push the price towards the $0.1920 resistance. If the price continues to rise, it may push towards $0.1980. The next major stop-loss level for bulls may be $0.200.
Is DOGE falling again?
If the Dogecoin price fails to break through $0.180, it may drop again. On the downside, initial support is around $0.1720. The next key support level is around $0.1705, as well as the 50% Fibonacci retracement level of the upward trend from the low of $0.1558 to the high of $0.1852.
Key support is at $0.1650. If the support at $0.1650 is broken, the price may decline further. In this case, the price may drop towards $0.1550, or even $0.1450, in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for DOGE/USD is currently below the 50 level.
Key support levels - $0.1705 and $0.1650.
Key resistance levels - $0.1800 and $0.1850.
