Dogecoin is gaining pace above the $0.4250 support against the US Dollar. DOGE is trading in a bullish zone and might soon surpass the $0.50 resistance.
- DOGE price started a fresh increase above the $0.440 level.
- The price is trading above the $0.4350 level and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $0.430 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another increase if it clears the $0.4600 and $0.4640 resistance levels.
Dogecoin Price Regains Momentum
Dogecoin price started a fresh increase above $0.4150 like Bitcoin and Ethereum. DOGE traded above the $0.4250 and $0.4400 resistance levels. The price is up over 5% and the recent high was formed at $0.4637.
The price is now consolidating gains below the $0.450 level. There was a minor decline toward the $0.4450 and $0.4400 levels and the 23.6% Fib retracement level of the upward move from the $0.3646 swing low to the $0.4637 high.
Dogecoin price is now trading above the $0.430 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.430 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.4550 level. The first major resistance for the bulls could be near the $0.46400 level. The next major resistance is near the $0.4720 level.
Source: DOGEUSD on TradingView.com
A close above the $0.4720 resistance might send the price toward the $0.4880 resistance. Any more gains might send the price toward the $0.5000 level. The next major stop for the bulls might be $0.5200.
Downside Correction In DOGE?
If DOGE’s price fails to climb above the $0.4500 level, it could start another decline. Initial support on the downside is near the $0.4400 level. The next major support is near the $0.430 level and the trend line.
The main support sits at $0.4150. If there is a downside break below the $0.4150 support, the price could decline further. In the stated case, the price might decline toward the $0.4000 level or even $0.3800 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.4400 and $0.4300.
Major Resistance Levels – $0.4500 and $0.4640.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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