Dogecoin is consolidating gains above the $0.380 resistance against the US dollar. DOGE holds on to gains and is eyeing further upside above $0.400.
- DOGE price started a new rise above the $0.3750 resistance level.
- The price is trading above the $0.3800 level and the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair (data source from Kraken), a breakout occurred above the short-term contraction triangle with resistance at $0.390.
- The price may continue to rise if it breaks the $0.400 and $0.4080 resistance levels.
Dogecoin price sees more upside
Dogecoin price has remained above the $0.350 level and recently started a new rally, like Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.
The price broke above the 50% Fib retracement level moving down from the $0.4208 swing high to the $0.3652 low. Moreover, on the hourly chart of the DOGE/USD pair, it has broken above the short-term contraction triangle at the resistance level of $0.390.
Dogecoin price is currently trading around the $0.3750 level and above the 100-hour simple moving average. Immediate resistance to the upside is near the $0.3950 level or the 61.8% Fib retracement level of the decline from the $0.4208 swing high to the $0.3652 low.
The first major resistance for bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance line may cause the price to head towards the $0.4200 resistance line. If more profits are made, the price may rise to the $0.4500 level. The next major stop for bulls could be $0.500.
Are dips supported in DOGE?
If the price of DOGE fails to rise above the $0.400 level, a downward correction could begin. Initial support for the downside is near the $0.3850 level. The next major support is near the $0.3750 level.
The main support level is $0.3550. A break below the $0.3550 support could lead the price to fall further. If indicated, the price may fall to the $0.3200 or $0.300 level in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.3850 and $0.3750.
Key resistance levels – $0.4000 and $0.4200.