Dogecoin (DOGE) Consolidates Strength, Calm Before Another Move?

Dogecoin started a major increase above $0.1520 against the US Dollar. DOGE is now consolidating and might decline if it trades below $0.140. DOGE price started a fresh increase above $0.1480 and $0.1520. The price is trading below the $0.150 level and the 100-hourly simple moving average. There is a contracting triangle forming with resistance at $0.150 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could aim for a fresh increase if it remains stable above $0.140. Dogecoin Price Consolidates Gains Dogecoin price started a fresh increase after it settled above $0.1420, like Bitcoin and Ethereum. DOGE climbed above the $0.1450 resistance to enter a positive zone. The bulls were able to push the price above $0.150. A high was formed at $0.1541 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.1155 swing low to the $0.1541 high. Dogecoin price is now trading below the $0.150 level and the 100-hourly simple moving average. Besides, there is a contracting triangle forming with resistance at $0.150 on the hourly chart of the DOGE/USD pair. If there is another increase, immediate resistance on the upside is near the $0.1480 level. The first major resistance for the bulls could be near the $0.150 level. The next major resistance is near the $0.1540 level. A close above the $0.1540 resistance might send the price toward $0.1625. Any more gains might send the price toward $0.1680. The next major stop for the bulls might be $0.1720. More Losses In DOGE? If DOGE’s price fails to climb above the $0.150 level, it could start a downside correction. Initial support on the downside is near the $0.1450 level. The next major support is near the $0.140 level. The main support sits at $0.1360 or the 50% Fib retracement level of the upward move from the $0.1155 swing low to the $0.1541 high. If there is a downside break below the $0.1360 support, the price could decline further. In the stated case, the price might slide toward the $0.130 level or even $0.1280 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1450 and $0.1400. Major Resistance Levels – $0.1500 and $0.1540.