Dogecoin is accelerating beyond the $0.4250 support against the US Dollar. DOGE is operating in a bullish territory and may soon exceed the $0.4650 resistance.
- The DOGE price has initiated a new uptrend above the $0.420 threshold.
- The price is trading above the $0.4250 benchmark and the 100-hourly simple moving average.
- A significant break occurred above a crucial bearish trend line where resistance was met at $0.4150 on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- The price has the potential to begin another surge if it surpasses the $0.450 and $0.4650 resistance levels.
Dogecoin Price Regains Momentum
The Dogecoin price has embarked on a new upswing above $0.410 similar to Bitcoin and Ethereum. DOGE has traded above the $0.4200 and $0.4250 resistance marks.
A break occurred above a key bearish trend line with resistance at $0.4150 on the hourly chart of the DOGE/USD pair. The bulls even pushed the price above the 50% Fibonacci retracement level of the decline from the $0.4637 swing high to the $0.3878 low.
Currently, Dogecoin is trading above the $0.420 level and the 100-hourly simple moving average. Immediate resistance to the upside is around the $0.4450 mark. This is close to the 76.4% Fibonacci retracement level of the downward movement from the $0.4637 swing high to the $0.3878 low.
The primary major resistance for the bulls could be around the $0.450 threshold. The subsequent significant resistance lies near the $0.4650 level. A close above the $0.4650 resistance could propel the price towards the $0.4750 resistance. Additional gains might drive the price towards the $0.5000 level. The following main target for the bulls may be $0.5200.
Downside Correction In DOGE?
Should DOGE’s price fail to rise above the $0.4450 point, it may commence another drop. The initial support on the downside is near the $0.4250 benchmark. The next key support is around the $0.4120 level.
The primary support lies at $0.400. If there is a downside breach below the $0.400 support, the price could further decline. In that scenario, the price might fall toward the $0.3880 mark or even $0.3750 in the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining traction in the bullish region.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is above the 50 threshold.
Major Support Levels – $0.4250 and $0.4120.
Major Resistance Levels – $0.4450 and $0.4650.
