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Dogecoin price is expected to rise further
After regaining the 0.200 US dollar resistance level of Bitcoin and Ethereum, the Dogecoin price has started a new round of upward movement. Dogecoin is able to accelerate the breakthrough of the 0.2200 US dollar and 0.250 US dollar resistance levels.
The currency pair even soared above 0.3000 US dollars. The high point was formed at 0.3036 US dollars, and the current price is consolidating above the 23.6% Fibonacci retracement level, which rises from the swing low of 0.2013 US dollars to the high of 0.3036 US dollars. On the hourly chart of the DOGE/USD pair, a key bullish trend line has also formed, with a support level of 0.280 US dollars.
The Dogecoin price is currently trading above 0.2880 US dollars and the 100-hour simple moving average. The upside resistance is around 0.300 US dollars. The next major resistance level is around 0.3050 US dollars.
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If the closing price breaks through the 0.3050 US dollar resistance level, it may push the price towards the 0.3120 US dollar resistance level. If the price continues to rise, it may push the price towards the 0.34500 US dollar level. The next major stop loss for the bulls may be 0.350 US dollars.
Is the downside of DOGE limited?
If DOGE's price fails to break through the 0.3050 US dollar level, it may start a downward correction. The initial downside support is around the 0.280 US dollar level and the trend line. The next major support level is around the 0.2680 US dollar level.
The major support level is at 0.2550 US dollars, which is the 50% Fibonacci retracement level of the upward trend from the 0.2013 US dollar swing low to the 0.3036 US dollar high. If the support at 0.2550 US dollars is broken, the price may fall further. In this case, the price may drop to the level of 0.2420 US dollars or even 0.2350 US dollars in the short term.
