Dogecoin (DOGE) Flashes Bullish Signals—Is a Major Rally on the Horizon?

Dogecoin started a fresh increase from the $0.1650 zone against the US Dollar. DOGE is now gaining pace and might rise toward the $0.185 zone.

• DOGE price started a fresh increase above the $0.170 and $0.172 levels.
• The price is trading above the $0.1750 level and the 100-hourly simple moving average.
• There is a connecting bullish trend line forming with support at $0.1740 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start a fresh increase if it clears the $0.180 resistance zone.

Dogecoin Price Aims Higher

Dogecoin price started a fresh increase after it found support near $0.1650, like Bitcoin and Ethereum. DOGE climbed and recovered above the $0.170 resistance zone.

The bulls even pushed the price above the 50% Fib retracement level of the downward move from the $0.1843 swing high to the $0.1642 low. Besides, there is a connecting bullish trend line forming with support at $0.1740 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.1750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1780 level.

The first major resistance for the bulls could be near the $0.1790 level and the 76.4% Fib retracement level of the downward move from the $0.1843 swing high to the $0.1642 low. The next major resistance is near the $0.1840 level. A close above the $0.1840 resistance might send the price toward the $0.1880 resistance. Any more gains might send the price toward the $0.1920 level. The next major stop for the bulls might be $0.200.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1790 level, it could start another decline. Initial support on the downside is near the $0.1740 level. The next major support is near the $0.1720 level.

The main support sits at $0.1650. If there is a downside break below the $0.1650 support, the price could decline further. In the stated case, the price might decline toward the $0.1550 level or even $0.1450 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1740 and $0.1720.

Major Resistance Levels – $0.1790 and $0.1850.