The Dogecoin to USD exchange rate has broken above the $0.220 resistance level and is rising again. Dogecoin has increased by over 50% and shows signs of further upward movement.
The price of DOGE has started a new round of increases like Bitcoin and has climbed above the resistance level of $0.220.
The price is trading above the $0.2800 level and the 100-hour simple moving average.
A key bullish trend line has formed on the hourly chart for DOGE/USD, with support at $0.280 (data sourced from Kraken).
If the price breaks above the resistance levels of $0.3050 and $0.3120, it may continue to rise.
Dogecoin's price is expected to rise further.
Dogecoin's price started a new round of increases after reclaiming the resistance level of $0.200 against Bitcoin and Ethereum. Dogecoin was able to accelerate above the resistance levels of $0.2200 and $0.250.
The currency pair even surged above $0.3000. The high formed at $0.3036 and the current price is consolidating above the 23.6% Fibonacci retracement level, which rises from the swing low of $0.2013 to the high of $0.3036. A key bullish trend line has also formed on the hourly chart for the DOGE/USD pair, with support at $0.280.
Dogecoin's price is currently trading above $0.2880 and the 100-hour simple moving average. The upward resistance level is near $0.300. The next major resistance level is around $0.3050.
If the closing price breaks above the $0.3050 resistance level, it may push the price towards the $0.3120 resistance level. If the price continues to rise, it may reach the $0.34500 level. The next major stop-loss point for bulls may be at $0.350.
Is the decline of DOGE limited?
If the price of DOGE fails to break above the $0.3050 level, a downward correction may begin. The initial support level to the downside is around $0.280 and near the trend line. The next major support level is around $0.2680.
The main support level is at $0.2550, which is the 50% Fibonacci retracement level of the upward move from the swing low of $0.2013 to the high of $0.3036. If the support at $0.2550 is broken, the price may decline further. In this case, the price could drop towards $0.2420 or even $0.2350 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 currently above the 50 level.
Major support levels - $0.280 and $0.2680.
Major resistance levels - $0.3000 and $0.3050.
