Dogecoin (DOGE) Eyes Big Break: $0.50 Within Reach
Dogecoin against the US Dollar is accelerating above the $0.4250 support level. DOGE is in bullish territory and may break the $0.50 resistance soon.
- DOGE price started a new rise above $0.440.
- The price is trading above the $0.4350 levels and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $0.430 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- If the price breaks the $0.4600 and $0.4640 resistance levels, it may start rising higher again.
Dogecoin price regains momentum
Dogecoin Price Begins New Rise Above $0.4150, e.g. Bitcoin and Ethereum. DOGE is trading above the $0.4250 and $0.4400 resistance levels. The price is up more than 5%, with the recent high at $0.4637.
The price is currently consolidating gains below the $0.450 level. The price edged lower towards the $0.4450 and $0.4400 levels and the 23.6% Fib retracement level of the upward move from the $0.3646 swing low to $0.4637 high.
Dogecoin price is currently trading above the $0.430 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $0.430 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside lies near $0.4550. The first major resistance level for bulls is likely to be near $0.46400. The next major resistance is near $0.4720.
A close above the $0.4720 resistance may push the price towards the $0.4880 resistance. Any more upside could push the price towards $0.5000 levels. The next major stop for the bulls is likely to be $0.5200.
Downside correction for DOGE?
If the price of DOGE fails to break above the $0.4500 level, it may start another decline. Initial support on the downside is located near $0.4400. The next major support is near the $0.430 level and trendline.
The main support level is $0.4150. If it breaks below the $0.4150 support, the price may decline further. In the above scenario, the price may drop towards $0.4000 or even $0.3800 levels in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – $0.4400 and $0.4300.
The main resistance levels – $0.4500 and $0.4640.
