Dogecoin (DOGE) Eyes Big Break: $0.50 Within Reach
Dogecoin is gaining pace above the $0.4250 support against the US Dollar. DOGE is trading in a bullish zone and might soon surpass the $0.50 resistance.
- DOGE price started a fresh increase above the $0.440 level.
- The price is trading above the $0.4350 level 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).
- The price could start another increase if it clears the $0.4600 and $0.4640 resistance levels.
Dogecoin Price Regains Momentum
Dogecoin price started a fresh increase above $0.4150 like Bitcoin and Ethereum . DOGE traded above the $0.4250 and $0.4400 resistance levels. The price is up over 5% and the recent high was formed at $0.4637.
The price is now consolidating gains below the $0.450 level. There was a minor decline toward 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 the $0.4637 high.
Dogecoin price is now 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 is near the $0.4550 level. The first major resistance for the bulls could be near the $0.46400 level. The next major resistance is near the $0.4720 level.
Source: DOGEUSD on TradingView.comA close above the $0.4720 resistance might send the price toward the $0.4880 resistance. Any more gains might send the price toward the $0.5000 level. The next major stop for the bulls might be $0.5200.
Downside Correction In DOGE?
If DOGE’s price fails to climb above the $0.4500 level, it could start another decline. Initial support on the downside is near the $0.4400 level. The next major support is near the $0.430 level and the trend line.
The main support sits at $0.4150. If there is a downside break below the $0.4150 support, the price could decline further. In the stated case, the price might decline toward the $0.4000 level or even $0.3800 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.4400 and $0.4300.
Major Resistance Levels – $0.4500 and $0.4640.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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