Dogecoin (DOGE) Eyes $0.50 Again: Is a New Rally on the Horizon?
Dogecoin against the US Dollar is consolidating gains above the $0.320 resistance. DOGE is holding on to gains and looks for more upside above $0.400.
- DOGE price started consolidating like Bitcoin and remained above the $0.320 resistance.
- The price is trading near the $0.3750 levels and the 100 hourly simple moving average.
- There is a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair (data source: Kraken).
- The price is likely to continue rising if it breaks the $0.400 and $0.4150 resistance levels.
Dogecoin prices usher in a new round of surge
Dogecoin price started a consolidation phase above the $0.320 area, e.g. Bitcoin and Ethereum. DOGE formed a base above $0.350 and is currently rising.
There was a break above the $0.3550 and $0.3620 resistance levels. The price climbed to the 23.6% Fib retracement level of the swing high of $0.4342 to low of $0.3400. There was also a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair.
Dogecoin price is currently trading near $0.3750 levels and the 100 hourly simple moving average. Immediate resistance on the upside lies near $0.3720.
The next major resistance is near $0.3880, which is the 50% Fib retracement level of the downward move from the $0.4342 swing high to $0.3400 low. A close above the $0.3880 resistance may push the price towards the $0.400 resistance. Any more gains may push the price towards $0.4200 levels. The next major stop for the bulls is likely to be $0.500.
Is DOGE’s decline limited?
If the price of DOGE fails to climb above $0.3720, a downside correction may begin. Initial support on the downside is near $0.3650. The next major support is near $0.3500.
The main support level is $0.320. If it breaks below the $0.320 support, the price may fall further. In the above scenario, the price may drop towards $0.300 or even $0.2950 levels in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – $0.3650 and $0.3500.
The main resistance levels – $0.3720 and $0.3880.
