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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 $0.4650 resistance.
DOGE price started a fresh increase above the $0.420 level.
The price is trading above the $0.4250 level and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $0.4150 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start another rally if it clears the $0.450 and $0.4650 resistance levels.
Dogecoin Price Regains Momentum
Dogecoin price started a fresh increase above $0.410 like Bitcoin and Ethereum. DOGE traded above the $0.4200 and $0.4250 resistance levels.
There was a break 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% Fib retracement level of the downward move from the $0.4637 swing high to the $0.3878 low.
Dogecoin price is now trading above the $0.420 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.4450 level. It is near the 76.4% Fib retracement level of the downward move from the $0.4637 swing high to the $0.3878 low.
The first major resistance for the bulls could be near the $0.450 level. The next major resistance is near the $0.4650 level. A close above the $0.4650 resistance might send the price toward the $0.4750 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 $0.4450 level, it could start another decline. Initial support on the downside is near the $0.4250 level. The next major support is near the $0.4120 level.
The main support sits at $0.400. If there is a downside break below the $0.400 support, the price could decline further. In the stated case, the price might decline toward the $0.3880 level or even $0.3750 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.4250 and $0.4120.
Major Resistance Levels – $0.4450 and $0.4650.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
