Dogecoin (DOGE) Eyes Breakout — Can Bulls Unleash the Next Surge?

Dogecoin started a fresh increase above the $0.1680 zone against the US Dollar. DOGE is now consolidating and might aim for a move above $0.1720.

• DOGE price started a fresh increase above the $0.1650 and $0.1680 levels.
• The price is trading above the $0.1680 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start a fresh rally if it clears the $0.1720 and $0.1750 resistance levels.

Dogecoin Price Eyes More Gains

Dogecoin price started a fresh increase from the $0.1650 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.1665 and $0.1680 resistance levels.

The bulls even pushed the price above the $0.170 resistance. There was a steady increase and the price even spiked above the 50% Fib retracement level of the downward move from the $0.1722 swing high to the $0.1657 low.

Dogecoin price is now trading above the $0.1680 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.1720 level. The first major resistance for the bulls could be near the $0.1730 level or the 61.8% Fib retracement level of the downward move from the $0.1722 swing high to the $0.1657 low.

The next major resistance is near the $0.1750 level. A close above the $0.1750 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.200 level. The next major stop for the bulls might be $0.2120.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1750 level, it could start another decline. Initial support on the downside is near the $0.1680 level or the trend line zone. The next major support is near the $0.1650 level.

The main support sits at $0.1610. If there is a downside break below the $0.1610 support, the price could decline further. In the stated case, the price might decline toward the $0.1550 level or even $0.1520 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 – $0.1680 and $0.1650.

Major Resistance Levels – $0.1720 and $0.1750.