Dogecoin (DOGE) Signals New Upside Move: Can Bulls Take Charge?
Dogecoin found support at $0.3050 and recovered some losses against the US Dollar. DOGE is now rising and might aim for more gains above $0.350.
- DOGE price started a decent increase above the $0.315 and $0.320 levels.
- The price is trading near the $0.3320 level and the 100-hourly simple moving average.
- There was a break above a major bearish trend line with resistance at $0.330 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another increase if it clears the $0.340 and $0.3480 resistance levels.
Dogecoin Price Aims Higher
Dogecoin price started a fresh decline from the $0.3850 resistance zone, unlike Bitcoin and Ethereum . DOGE dipped below the $0.3500 and $0.3350 support levels. It even spiked below $0.320.
A low was formed at $0.3052 and the price is now rising above the 50% Fib retracement level of the downward move from the $0.3599 swing high to the $0.3052 low. There was a break above a major bearish trend line with resistance at $0.330 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.330 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3390 level and 61.8% Fib retracement level of the downward move from the $0.3599 swing high to the $0.3052 low.
The first major resistance for the bulls could be near the $0.3480 level. The next major resistance is near the $0.3550 level. A close above the $0.3550 resistance might send the price toward the $0.3660 resistance. Any more gains might send the price toward the $0.3880 level. The next major stop for the bulls might be $0.40.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.340 level, it could start another decline. Initial support on the downside is near the $0.3250 level. The next major support is near the $0.3150 level.
The main support sits at $0.3150. If there is a downside break below the $0.3150 support, the price could decline further. In the stated case, the price might decline toward the $0.3020 level or even $0.300 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 – $0.3250 and $0.3150.
Major Resistance Levels – $0.3400 and $0.3480.
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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