Dogecoin started a major increase above $0.1520 against the US Dollar. DOGE is now consolidating and might decline if it trades below $0.140.
- DOGE price started a fresh increase above $0.1480 and $0.1520.
- The price is trading below the $0.150 level and the 100-hourly simple moving average.
- There is a contracting triangle forming with resistance at $0.150 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could aim for a fresh increase if it remains stable above $0.140.
Dogecoin Price Consolidates Gains
Dogecoin price started a fresh increase after it settled above $0.1420, like Bitcoin and Ethereum. DOGE climbed above the $0.1450 resistance to enter a positive zone.
The bulls were able to push the price above $0.150. A high was formed at $0.1541 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.1155 swing low to the $0.1541 high.
Dogecoin price is now trading below the $0.150 level and the 100-hourly simple moving average. Besides, there is a contracting triangle forming with resistance at $0.150 on the hourly chart of the DOGE/USD pair.
If there is another increase, immediate resistance on the upside is near the $0.1480 level. The first major resistance for the bulls could be near the $0.150 level. The next major resistance is near the $0.1540 level. A close above the $0.1540 resistance might send the price toward $0.1625. Any more gains might send the price toward $0.1680. The next major stop for the bulls might be $0.1720.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.150 level, it could start a downside correction. Initial support on the downside is near the $0.1450 level. The next major support is near the $0.140 level.
The main support sits at $0.1360 or the 50% Fib retracement level of the upward move from the $0.1155 swing low to the $0.1541 high. If there is a downside break below the $0.1360 support, the price could decline further. In the stated case, the price might slide toward the $0.130 level or even $0.1280 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1450 and $0.1400.
Major Resistance Levels – $0.1500 and $0.1540.
Source: https://www.newsbtc.com/analysis/doge/dogecoin-doge-consolidates-strength-0-14/
