DOGE Primed for a Major Move Higher!

Dogecoin is shifting greater above the $0.160 resistance zone in opposition to the US Greenback. DOGE is holding positive factors and may goal for a transfer above $0.1650.

• DOGE worth is shifting greater above the $0.160 resistance zone.
• The worth is buying and selling above the $0.160 degree and the 100-hourly easy shifting common.
• There’s a key bullish pattern line forming with assist close to $0.160 on the hourly chart of the DOGE/USD pair (information supply from Kraken).
• The worth should settle above $0.1650 to achieve bullish momentum and proceed greater.

Dogecoin Worth Holds Assist

Previously few classes, Dogecoin worth began a gradual improve above the $0.1500 zone, like Bitcoin and Ethereum. DOGE bulls had been capable of push the value above the $0.160 resistance zone.

The current swing excessive was fashioned at $0.1646 earlier than the value began a draw back correction There was a drop beneath the $0.1620 assist zone. The worth spiked beneath the 23.6% Fib retracement degree of the upward transfer from the $0.1571 swing low to the $0.1646 excessive.

Dogecoin is now buying and selling above the $0.160 degree and the 100-hourly easy shifting common. There may be additionally a key bullish pattern line forming with assist close to $0.160 on the hourly chart of the DOGE/USD pair.

On the upside, the value is dealing with resistance close to the $0.1640 degree. The subsequent main resistance is close to the $0.1650 degree. An in depth above the $0.1650 resistance may ship the value towards the $0.1720 resistance. Any extra positive factors may ship the value towards the $0.1750 degree. The subsequent main cease for the bulls is likely to be $0.1800.

Draw back Correction In DOGE?

If DOGE’s worth fails to achieve tempo above the $0.1650 degree, it might begin one other decline. Preliminary assist on the draw back is close to the $0.160 degree and the pattern line. It’s near the 50% Fib retracement degree of the upward transfer from the $0.1571 swing low to the $0.1646 excessive.

The subsequent main assist is close to the $0.1580 degree. If there’s a draw back break beneath the $0.1580 assist, the value might decline additional. Within the said case, the value may decline towards the $0.1520 degree.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now shedding momentum within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for DOGE/USD is now above the 50 degree.

Main Assist Ranges – $0.1620, $0.1600 and $0.1580.

Main Resistance Ranges – $0.1640, $0.1650, and $0.1720.