Dogecoin is consolidating gains above the USD 0.320 resistance against the US dollar. DOGE holds gains and looks for more upside above $0.400.
- DOGE price started consolidating just like Bitcoin and remained above the $0.320 resistance level.
- The price is trading around the USD 0.3750 level and the 100-hour simple moving average.
- There was a break above a key bearish trendline with resistance at $0.3670 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 consolidation phase above the $0.320 zone, just like Bitcoin and Ethereum. DOGE formed a base above USD 0.350 and is currently rising.
There was a move above the USD 0.3550 and USD 0.3620 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. There was also a break above a key bearish trendline with resistance at $0.3670 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading near the $0.3750 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.3720 level.
The next major resistance is near the $0.3880 level or the 50% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. A close above the USD 0.3880 resistance could send the price towards the USD 0.400 resistance. Any further gains could send the price towards the USD 0.4200 level. The next big stop for the bulls could be $0.500.
Are dips limited in DOGE?
If DOGE price fails to rise above the USD 0.3720 level, it could trigger a downside correction. The initial downside support is near the $0.3650 level. The next major support is near the $0.3500 level.
The main support is at $0.320. If there is a downside break below the USD 0.320 support, the price could fall further. In the mentioned case, the price could drop to the $0.300 level or even $0.2950 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 – USD 0.3650 and USD 0.3500.
Major resistance levels – $0.3720 and $0.3880.
