Dogecoin is gaining pace above the USD 0.4250 support against the US dollar. DOGE is trading in a bullish zone and could soon surpass the USD 0.4650 resistance.
- DOGE price started a new increase above the USD 0.420 level.
- The price is trading above the USD 0.4250 level and the 100-hour simple moving average.
- There was a break above a key bearish trendline with resistance at $0.4150 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could start a new rally if it crosses the USD 0.450 and USD 0.4650 resistance levels.
Dogecoin price regains momentum
Dogecoin price started a new increase above $0.410, just like Bitcoin and Ethereum. DOGE traded above the USD 0.4200 and USD 0.4250 resistance levels.
There was a break above a key bearish trendline with resistance at $0.4150 on the hourly chart of the DOGE/USD pair. The bulls even pushed the price above the 50% Fib retracement level of the downward move from the $0.4637 swing high to the $0.3878 low.
The Dogecoin price is now trading above the $0.420 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.4450 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.4637 swing high to the $0.3878 low.
The first major resistance for the bulls could be near the USD 0.450 level. The next major resistance is near the $0.4650 level. A close above the USD 0.4650 resistance could send the price towards the USD 0.4750 resistance. Any further gains could send the price towards the USD 0.5000 level. The next big stop for the bulls could be $0.5200.
Disadvantage correction in DOGE?
If DOGE price fails to rise above the USD 0.4450 level, it could trigger another decline. The initial downside support is near the $0.4250 level. The next major support is near the $0.4120 level.
The main support is at $0.400. If there is a downside break below the USD 0.400 support, the price could fall further. In the mentioned case, the price could drop to the $0.3880 level or even $0.3750 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.4250 and $0.4120.
Major resistance levels – $0.4450 and $0.4650.
