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Dogecoin (DOGE) has started a fresh increase against the US Dollar, building support above the $0.1020 zone. The price has moved higher and is now encountering hurdles near $0.1120, with potential for a larger rally if key levels hold.
DOGE remained supported above $0.1020 and began a new upward move, similar to Bitcoin and Ethereum. The token climbed above the $0.1080 and $0.1085 resistance levels and gained more than 5%, testing the $0.1125 area.
The move also included a move above the 50% Fibonacci retracement level of the downward swing from the $0.1172 high to the $0.1058 low. On the hourly chart, a key contracting triangle is forming, with support around $0.1090 for the DOGE/USD pair.
Dogecoin is trading above the $0.110 level and the 100-hour simple moving average. If bullish momentum continues, the next upside resistance is near $0.1120.
Further resistance levels include:
If DOGE fails to climb above the $0.1128 level, it could resume downward movement. Initial downside support is near $0.1090, followed by another major support around $0.1080.
The main support is at $0.1050. If DOGE breaks below $0.1050, the price could decline further, potentially sliding toward $0.1020 or even $0.10 in the near term.
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