Dogecoin started a new rise above the $0.350 area against the US Dollar. DOGE is now consolidating and may gain strength if it clears the $0.3880 resistance.
- DOGE price started a new rise above $0.350 and $0.3650.
- The price is trading above the $0.370 level and the 100-hour simple moving average.
- There was a break above the connecting bearish line corresponding to the resistance at $0.3825 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may gain momentum if it clears the $0.3880 and $0.3920 resistance levels.
Dogecoin Price Holds Support
Dogecoin price started a new rise from the $0.3120 support, just like Bitcoin and Ethereum. DOGE managed to break the resistance at $0.3350 and $0.350. It even cleared the $0.3880 level before a lower correction.
A low was formed at $0.3750 and the price is now rising. There was a move above the $0.380 resistance. Besides, there was a break above the bearish line connecting to the $0.3825 resistance on the hourly chart of the DOGE/USD pair.
The pair rose above the 50% Fib retracement level of the move down from the $0.3986 swing high to the $0.3750 low. Dogecoin price is now trading above the $0,380 level and the 100-hour simple moving average.
Immediate resistance on the upside is near the $0.3880 level or the 61.8% Fib retracement level of the downside from the $0.3986 swing high to the $0.3750 low. The first major resistance for the bulls may be near the $0.3920 level.
The next major resistance is near the $0.40 level. A close above the $0.40 resistance could send the price to the $0.420 resistance. Any further gains could send the price to the $0.4380 level. The next big stop for the bulls would be $0.450.
Another Refusal to DOGE?
If the price of DOGE fails to rise above the $0.3880 level, it may start another decline. The first support on the downside is near the $0.380 level. The next major support is near the $0.3750 level.
Key support remains at $0.3650. If there is a break below the support of $0.3650, the price may fall further. In the mentioned scenario, the price may drop to the level of $0.350 or $0.3420 in the near term.
Technical References
Hourly MACD – The DOGE/USD MACD is now losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.380 and $0.3750.
Major Resistance Levels – $0.3880 and $0.3920.