Dogecoin has started a fresh increase from the $0.1050 support zone, but it's now facing resistance near $0.1120. The price is forming a contracting triangle pattern on the hourly chart, suggesting a potential larger rally if it breaks through.
The Triangle Pattern and Key Levels
On the hourly chart of the DOGE/USD pair, data from Kraken shows a key contracting triangle forming with support at $0.1090. This pattern often signals a buildup of energy before a breakout. For now, Dogecoin is trading above $0.1090 and above the 100-hourly simple moving average, which gives bulls some breathing room.
Resistance and Support Zones
Immediate resistance on the upside is near $0.1120. The first major resistance sits at $0.1128, which coincides with the 61.8% Fibonacci retracement level of the downward move from $0.1172 to $0.1058. A move past that could push the price toward $0.1145, then $0.1170, and eventually $0.120 or even $0.1250.
On the downside, initial support is near $0.1090, followed by $0.1080. The main support remains at $0.1050. If DOGE can't climb above $0.1128, it could decline. A break below $0.1050 would likely open the door to $0.1020 or $0.10.
Technical Indicators Signal Cautious Optimism
The hourly MACD for DOGE/USD is losing momentum in the bullish zone, which suggests the rally might be slowing. But the hourly RSI is still above the 50 level, indicating that buyers aren't giving up yet. The combination points to a tug-of-war between bullish and bearish forces.
For now, traders are watching whether DOGE can clear the $0.1128 resistance. A failure to do so could send the price back toward support at $0.1050, with a break below that level potentially opening the door to $0.1020 or even $0.10.
