Dogecoin started a new surge above the $0.350 area against the US Dollar. DOGE coin is now consolidating and may gain momentum if it crosses the resistance level at $0.3880.
- DOGE price started a new increase above $0.350 and $0.3650.
- The price is trading above the $0.370 level and the 100 hourly simple moving average.
- There was a break above the connecting downtrend line with resistance at $0.3825 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain momentum if it crosses the $0.3880 and $0.3920 resistance levels.
Dogecoin price maintains support
Dogecoin price started a new increase from the $0.3120 support level, like Bitcoin and Ethereum. DOGE managed to clear the $0.3350 and $0.350 resistance levels. It even crossed the $0.3880 level before there was a downward correction.
The bottom was formed at $0.3750 and the price is now rising. There was a move above the $0.380 resistance level. Moreover, there was a break above the downtrend line connected with resistance at $0.3825 on the hourly chart of the DOGE/USD pair.
The pair rose above the 50% Fibonacci retracement level of the downward move from the high of $0.3986 to the low of $0.3750. Dogecoin price is now trading above the $0.380 level and the 100 hourly simple moving average.
Immediate resistance on the upside is near the $0.3880 level or the 61.8% Fib retracement level of the downward move from the $0.3986 swing high to the $0.3750 low. The first major resistance for the bulls could be near the $0.3920 level.
The next major resistance is near the $0.40 level. A close above the $0.40 resistance level could send the price towards the $0.420 resistance level. Any further gains may push the price towards the $0.4380 level. The next major stop for the bulls could be $0.450.
Another decline in DOGE?
If DOGE price fails to rise above the $0.3880 level, it may start another decline. Initial support on the downside is located near the $0.380 level. The next major support is near the $0.3750 level.
The main support is located at $0.3650. If a bearish breakout occurs below the $0.3650 support level, the price could fall further. In the mentioned case, the price may fall towards the $0.350 level or even $0.3420 in the near term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.380 and $0.3750.
Key resistance levels – $0.3880 and $0.3920.
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