Dogecoin (DOGE) Shows Renewed Energy: Rally Incoming?
Dogecoin against the US Dollar is consolidating gains above the $0.380 resistance. DOGE is holding on to gains and looks for more upside above $0.400.
- DOGE price started a fresh rise above the $0.3750 resistance.
- The price is trading above the $0.3800 levels and the 100 hourly simple moving average.
- There is a break above a short-term contracting triangle with resistance at $0.390 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 $0.4080 resistance levels.
Dogecoin price expected to rise
Dogecoin price remains supported above $0.350 and has recently started a fresh rise, e.g. Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the swing high of $0.4208 to low of $0.3652. Additionally, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
Dogecoin price is currently trading above the $0.3750 level and the 100 hourly simple moving average. Immediate resistance on the upside is near $0.3950, the 61.8% Fibonacci retracement level of the downward move from the $0.4208 swing high to $0.3652 low.
The first major resistance level for bulls is likely to be near $0.400. The next major resistance is near $0.4080. A close above the $0.4080 resistance may push the price towards the $0.4200 resistance. Any more gains may push the price towards $0.4500 levels. The next major stop for the bulls is likely to be $0.500.
Does DOGE support a decline?
If the price of DOGE fails to climb above $0.400, a downward correction may begin. Initial support on the downside is near $0.3850. The next major support is near $0.3750.
The main support level is $0.3550. If it breaks below the $0.3550 support, the price may decline further. In the above scenario, the price may drop towards $0.3200 or even $0.300 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.
The main support levels – $0.3850 and $0.3750.
The main resistance levels – $0.4000 and $0.4200.
