Dogecoin has initiated a new uptrend surpassing the $0.350 area against the US Dollar. DOGE is presently consolidating and may gather momentum if it breaks through the $0.3880 resistance.
- The DOGE price commenced a new ascent above $0.350 and $0.3650.
- The price is trading over the $0.370 mark and the 100-hourly simple moving average.
- A breakout was observed above a connecting bearish trend line with resistance at $0.3825 on the hourly chart for the DOGE/USD pair (data sourced from Kraken).
- The price could gain strength if it surpasses the $0.3880 and $0.3920 resistance thresholds.
Dogecoin Price Retains Support
Dogecoin price has begun a new rise from the $0.3120 support, similar to Bitcoin and Ethereum. DOGE successfully surpassed the $0.3350 resistance and $0.350. It even broke through the $0.3880 level before experiencing a corrective pullback.
A low was established at $0.3750, and the price is currently on the rise. It has moved above the $0.380 resistance. Additionally, a breakout occurred above a connecting bearish trend line with resistance at $0.3825 on the hourly chart for the DOGE/USD pair.
The pair has ascended above the 50% Fib retracement level of the downward movement from the $0.3986 swing high to the $0.3750 low. Dogecoin price is currently trading beyond the $0.380 mark and the 100-hourly simple moving average.
The imminent resistance on the upper side is close to the $0.3880 threshold or the 61.8% Fib retracement level of the downward motion from the $0.3986 swing high to the $0.3750 low. The primary significant resistance for the bulls could be around the $0.3920 mark.
The subsequent major resistance lies near the $0.40 mark. A closure above the $0.40 resistance could propel the price toward the $0.420 resistance. Any additional gains could push the price toward the $0.4380 level. The next crucial target for the bulls may be $0.450.
Another Drop in DOGE?
If the price of DOGE fails to rise above the $0.3880 level, it might trigger another decline. Initial support on the downside is around the $0.380 level. The next significant support is close to the $0.3750 level.
The key support level stands at $0.3650. Should there be a downside breach below the $0.3650 support, the price could further decrease. In such a case, the price may decline toward the $0.350 level or even $0.3420 in the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is presently losing momentum within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 mark.
Major Support Levels – $0.380 and $0.3750.
Major Resistance Levels – $0.3880 and $0.3920.