6 June 2024
Dogecoin is moving higher above the $0.160 resistance zone against the US Dollar. DOGE is holding gains and might aim for a move above $0.1650.
DOGE price is moving higher above the $0.160 resistance zone.
The price is trading above the $0.160 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support near $0.160 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.1650 to gain bullish momentum and continue higher.
Dogecoin Price Holds Support
In the past few sessions, Dogecoin price started a steady increase above the $0.1500 zone, like Bitcoin and Ethereum. DOGE bulls were able to push the price above the $0.160 resistance zone.
The recent swing high was formed at $0.1646 before the price started a downside correction There was a drop below the $0.1620 support zone. The price spiked below the 23.6% Fib retracement level of the upward move from the $0.1571 swing low to the $0.1646 high.
Dogecoin is now trading above the $0.160 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support near $0.160 on the hourly chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.1640 level. The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance might send the price toward the $0.1720 resistance. Any more gains might send the price toward the $0.1750 level. The next major stop for the bulls might be $0.1800.
Downside Correction In DOGE?
If DOGE’s price fails to gain pace above the $0.1650 level, it could start another decline. Initial support on the downside is near the $0.160 level and the trend line. It is close to the 50% Fib retracement level of the upward move from the $0.1571 swing low to the $0.1646 high.
The next major support is near the $0.1580 level. If there is a downside break below the $0.1580 support, the price could decline further. In the stated case, the price might decline toward the $0.1520 level.
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 above the 50 level.
Major Support Levels – $0.1620, $0.1600 and $0.1580.
Major Resistance Levels – $0.1640, $0.1650, and $0.1720.