Dogecoin’s price has surpassed the $0.120 resistance zone against the US Dollar. The cryptocurrency is showing positive signs and could potentially clear the $0.1280 resistance. Dogecoin’s price began a fresh uptrend above the $0.1200 resistance level. It is currently trading above the $0.1220 level and the 100-hourly simple moving average.
There was a break above a significant declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. If the price can gain bullish momentum, it could clear the $0.1250 and $0.1280 resistance levels. However, if Dogecoin’s price fails to climb above the $0.1280 level, it could start another decline.
The initial support on the downside is near the $0.1235 level, followed by the $0.1200 level and the 50% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high. The main support sits at $0.1175. A downside break below this level could lead to further declines towards the $0.1150 level or even $0.1120.
