Dogecoin (DOGE) Price Increase

input: Despite a recent downturn, Bitcoin (BTC) is displaying signs of recovery.

Bitcoin (BTC) Price Analysis: A Fresh Increase After Finding Support

Dogecoin (DOGE) price started a fresh increase after finding support near the $0.2170 level. In addition, a bullish trend line connecting with the support at $0.2350 was formed on the hourly chart of the DOGE/USD pair.

After dropping to the low of $0.2173, the price quickly rose above the 50% Fibonacci retracement level of the move down from the $0.2531 high to $2173 low. Moreover, the 100-hour simple moving average was cleared.

Dogecoin (DOGE) is trading above the $0.2350 level and the 100-hour SMA. The next major resistance on the upside is near the $0.240 level.

Dogecoin (DOGE)

Credit: TradingView

Resistance and Upside Potential

The first major resistance for the buyers might be near the $0.2440 level and the 76.4% Fibonacci retracement level of the move down from the $0.2531 high to $0.2173 low. The next major resistance lies near the $0.2530 level. A close above the $0.2530 resistance could push the price towards the $0.2650 zone.

Further upside will probably direct the price towards the $0.2720 level. The next station for the buyers might be $0.2850.

Possible Price Drop

If the Dogecoin (DOGE) price fails to break the $0.2440 level, there could be another drop. Initial support on the downside is near the $0.2350 level. The next major support is near the $0.2250 level.

The major support lies at $0.2150. In case of a downward break of the $0.2150 support, the price could drop further. In that case, the price may drop towards the $0.20 or even $0.1880 level in the short term.

Technical Indicators

The Relative Strength Index (RSI) for the hourly chart is now in positive territory. A sustained move above the 50 on the 4-hour chart could favor more gains.

Conclusion

Dogecoin (DOGE) shows potential to continue its upward trend with strong support and favorable technical indicators. As the price approaches the 76.4% Fib level, traders will be watching closely for a decisive move. Investors and traders should keep an eye on the mentioned resistance and support levels to make informed trading decisions.