Dogecoin Price (DOGE) Bulls Target $0.15 Breakout: Can They Succeed?

Dogecoin started a steady increase above the $0.1320 resistance zone against the US Dollar. DOGE is consolidating and might extend its gains above $0.150.

• DOGE price is eyeing more gains above the $0.150 resistance zone.
• The price is trading above the $0.1320 level and the 100-hourly simple moving average.
• There is a key bullish trend line forming with support at $0.1345 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could continue to move up if it clears the $0.1420 resistance zone.

In the past few days, Dogecoin price saw a decent increase above the $0.1150 level. DOGE cleared the $0.1250 resistance to move into a positive zone like Bitcoin and Ethereum. The price even climbed above the $0.1320 level and the 100-hourly simple moving average.

A high was formed at $0.1437 and the price is now consolidating gains. There was a minor decline below the $0.140 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.1260 swing low to the $0.1437 high.

Dogecoin is now trading above the $0.1320 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1345 on the hourly chart of the DOGE/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.1260 swing low to the $0.1437 high.

If there is a fresh increase, the price might face resistance near the $0.1420 level. The next major resistance is near the $0.1450 level. A close above the $0.1450 resistance might send the price toward the $0.150 resistance. Any more gains might send the price toward the $0.1650 level. The next major stop for the bulls might be $0.1720.

If DOGE’s price fails to gain pace above the $0.1420 level, it could start a downside correction. Initial support on the downside is near the $0.1365 level. The next major support is near the $0.1320 level.

The main support sits at $0.1280. If there is a downside break below the $0.1280 support, the price could decline further. In the stated case, the price might decline toward the $0.1150 level.

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 – $0.1365 and $0.1320.

Major Resistance Levels – $0.1420 and $0.1500.