Dogecoin (DOGE) Finds Its Footing: Bulls Regain Traction
Dogecoin started a fresh increase above the $0.350 zone against the US Dollar. DOGE is now consolidating and might climb further if it clears the $0.3650 resistance.
- DOGE price started a fresh increase above $0.3420 and $0.350.
- The price is trading above the $0.350 level and the 100-hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rise if it clears the $0.3650 and $0.3720 resistance levels.
Dogecoin Price Rises Steadily
Dogecoin price started a fresh increase after it cleared the $0.320 resistance zone, like Bitcoin and Ethereum . DOGE was able to clear the $0.3420 and $0.350 resistance levels.
Besides, there was a break above a connecting bearish trend line with resistance at $0.3350 on the hourly chart of the DOGE/USD pair. The pair surpassed the 76.4% Fib retracement level of the downward move from the $0.3478 swing high to the $0.3096 low.
Dogecoin price is now trading above the $0.350 level and the 100-hourly simple moving average. It is also above the 1.236 Fib extension level of the downward move from the $0.3478 swing high to the $0.3096 low.
Source: DOGEUSD on TradingView.comImmediate resistance on the upside is near the $0.3650 level. The first major resistance for the bulls could be near the $0.3720 level. The next major resistance is near the $0.380 level. A close above the $0.380 resistance might send the price toward the $0.3920 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.420.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.3650 level, it could start another decline. Initial support on the downside is near the $0.3550 level. The next major support is near the $0.3460 level.
The main support sits at $0.3380. If there is a downside break below the $0.3380 support, the price could decline further. In the stated case, the price might decline toward the $0.3120 level or even $0.3080 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 – $0.3550 and $0.3460.
Major Resistance Levels – $0.3650 and $0.3800.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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