Dogecoin started a fresh rise above the USD 0.320 resistance against the US dollar. DOGE holds onto gains and looks for more upside above $0.4180.
- DOGE price started a new rally like Bitcoin and climbed above the USD 0.350 resistance level.
- The price is trading above the USD 0.3650 level and the 100-hour simple moving average.
- A major bullish trendline is forming with support at $0.3870 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it crosses the USD 0.400 and USD 0.4150 resistance levels.
Dogecoin Price Sees New Wave
Dogecoin price started a new increase after clearing the resistance at $0.320 like Bitcoin and Ethereum. DOGE managed to gain pace for a move above the USD 0.3800 and USD 0.400 resistance levels.
The pair even rose above $0.4200. A high was formed at $0.4342 and the price is now correcting gains. There was a move below the $0.40 level. The price fell below the 50% Fib retracement level of the upward move from the $0.3519 swing low to the $0.4342 high.
However, the bulls are active near the $0.3850 zone. The Dogecoin price is now trading above the $0.3650 level and the 100-hourly moving average. There is also a major bullish trendline forming with support at $0.3870 on the hourly chart of the DOGE/USD pair. The trendline is close to the 61.8% Fib retracement level of the upward move from the $0.3519 swing low to the $0.4342 high.
The immediate resistance on the upside is near the $0.400 level. The next major resistance is near the $0.4150 level. A close above the resistance at $0.4150 could send the price towards the resistance at $0.4320. Any further gains could send the price towards the USD 0.4500 level. The next big stop for the bulls could be $0.4650.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.4150 level, it could trigger a downside correction. The initial downside support is near the $0.3870 level and the trendline. The next major support is near the $0.3715 level.
The main support is at $0.3420. If there is a downside break below the USD 0.3420 support, the price could fall further. In the mentioned case, the price could drop to the $0.3150 level or even $0.300 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.3870 and $0.3715.
Major resistance levels – $0.4000 and $0.4150.
