Dogecoin has seen a positive trend recently, following in the footsteps of Bitcoin. It has moved above the $0.0950 resistance level against the US Dollar and is showing signs of further increase. The price is currently trading above the $0.100 level and the 100-hourly simple moving average. A key bearish trend line was also broken, adding to the bullish momentum.
In the past few sessions, Dogecoin saw a 10% increase, similar to the rise witnessed by Bitcoin and Ethereum. The price cleared resistance levels at $0.0945 and $0.0950, as well as the 50% Fib retracement level of the downward move. This upward movement indicates a positive sentiment in the market.
However, there is resistance near the 76.4% Fib retracement level, which could prompt a slight pullback in price. If the resistance levels at $0.1100 and $0.1145 are crossed, the price may continue to rise towards the $0.1220 level. The next major obstacle for the bulls would be at $0.1250.
On the downside, if Dogecoin fails to recover above the $0.1100 level, it might experience another decline. Immediate support levels can be found at $0.1000, $0.0980, and the 100-hourly simple moving average. The main support is situated at $0.0950, and if breached, could lead to further decline towards $0.0900 or even $0.0880.
Technical indicators show positive signs, with the MACD gaining momentum in the bullish zone, and the RSI above the 50 level.
Overall, Dogecoin appears to be in a favorable position for a steady increase in value, as it takes inspiration from the upward movement of Bitcoin.