Dogecoin Restarts Rally: Is The Doge Hype Reigniting?

Dogecoin is rising above the $0.120 resistance zone against the US Dollar. DOGE is now showing positive signs and might clear the $0.1280 resistance.

• DOGE price started a fresh increase above the $0.1200 resistance level.
• The price is trading above the $0.1220 level and the 100-hourly simple moving average.
• There was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could gain bullish momentum if it clears the $0.1250 and $0.1280 resistance levels.

Dogecoin price started a fresh increase above the $0.1100 resistance zone. DOGE gained traction for a move above the $0.1200 resistance zone, beating Bitcoin and Ethereum. There was also a move above the $0.1250 and $0.1265 resistance levels.

During the increase, there was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. The pair traded as high as $0.1297 and recently saw a minor downside correction.

The price dipped below the $0.1265 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high. Dogecoin price is now trading above the $0.1200 level and the 100-hourly simple moving average.

Immediate resistance on the upside is near the $0.1280 level. The next major resistance is near the $0.1300 level. A close above the $0.1300 resistance might send the price toward the $0.1320 resistance. Any more gains might send the price toward the $0.1350 level. The next major stop for the bulls might be $0.1400.

If DOGE’s price fails to climb above the $0.1280 level, it could start another decline. Initial support on the downside is near the $0.1235 level. The next major support is near the $0.1200 level and the 50% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high.

The main support sits at $0.1175. If there is a downside break below the $0.1175 support, the price could decline further. In the stated case, the price might decline toward the $0.1150 level or even $0.1120 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 – $0.1235 and $0.1200.

Major Resistance Levels – $0.1280 and $0.1300.