Uptrend analysis
Dogecoin is consolidating gains above the $0.320 resistance against the US Dollar and is expected to move above $0.400. Its price is consolidating like bitcoin and remains above the $0.320 resistance. It is trading near the $0.3750 level and the 100 hourly simple moving average. It has broken a key bearish trend line with resistance at $0.3670 on the hourly chart of DOGE/USD and is likely to continue rising if it clears the $0.400 and $0.4150 resistance levels.
Dogecoin price consolidated above the $0.320 area and rose after forming a bottom above $0.350. It broke the $0.3550 and $0.3620 resistance levels and climbed above the 23.6% Fibonacci retracement level of the particular downside move. It also broke a key bearish trend line of $0.3670 on the hourly chart.
It is currently trading near the $0.3750 level and the 100 hourly simple moving average. The next major resistance on the upside is near the $0.3720 level. The next major resistance is at $0.3880 (50% Fibonacci retracement level of the particular downside move). A close above $0.3880 could carry the price towards $0.400 and above that, it could reach $0.4200. The next major stop for the bulls could be $0.500.
Downside risk analysis
If Dogecoin price fails to break above $0.3720, it could start a downside correction. An initial support is near $0.3650 and the next major support is near $0.3500. The main support is at $0.320, below which it could decline further to $0.300 or even $0.2950 in the near term.
Technical indicators
The hourly MACD is gaining momentum in the bullish zone and the hourly RSI (Relative Strength Index) is above the 50 level.
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