Dogecoin’s Potential: Can DOGE Price Kick Off a New Climb?

Dogecoin’s Potential: Can DOGE Price Kick Off a New Climb?

Dogecoin is stuck below the $0.1285 resistance zone against the US Dollar. DOGE is consolidating and might eye a fresh increase toward $0.1285 or even $0.1320.

• DOGE price is struggling to clear the $0.1285 resistance zone.
• The price is trading near the $0.1240 level and the 100-hourly simple moving average.
• There is a short-term bullish flag pattern forming with resistance at $0.1250 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price must settle above $0.1250 and $0.1285 to gain bullish momentum.

Dogecoin Price Faces Hurdles

After a decent recovery wave, Dogecoin price remained below the $0.1285 resistance zone. DOGE formed a high near $0.1272 and recently started a downside correction like Bitcoin and Ethereum.

There was a move below the $0.1250 support level. The price dipped below the 50% Fib retracement level of the upward move from the $0.1203 swing low to the $0.1272 high. However, the bulls are now active near the $0.1220 zone.

Dogecoin is now trading near the $0.1250 level and the 100-hourly simple moving average. It is also above the 61.8% Fib retracement level of the upward move from the $0.1203 swing low to the $0.1272 high.

If there is a fresh increase, the price might face resistance near the $0.1250 level. There is also a short-term bullish flag pattern forming with resistance at $0.1250 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.1285 level.

A close above the $0.1285 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 $0.150.

More Downsides In DOGE?

If DOGE’s price fails to gain pace above the $0.1250 level, it could continue to move down. Initial support on the downside is near the $0.1230 level.

The next major support is near the $0.1220 level. If there is a downside break below the $0.1220 support, the price could decline further. In the stated case, the price might decline toward the $0.1185 level.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

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

Major Support Levels – $0.1230, $0.1220 and $0.1185.

Major Resistance Levels – $0.1250, $0.1285, and $0.1320.