Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and aiming for a higher high above $0.400.
DOGE price started a rebound above the $0.3750 resistance level.
The price is trading above the $0.3800 level and the 100 hourly simple moving average.
There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data feed from Kraken).
The price may continue to rise if it breaks through the resistance levels of $0.400 and $0.4080.
The price of Dogecoin is heading towards more potential gains.
The price of Dogecoin is still supported above the $0.350 level and has recently started to rise again like Bitcoin and Ethereum. DOGE has been able to break through the resistance at $0.3650 and $0.3750.
The price has risen above the 50% Fib retracement level of the downward move from the high of $0.4208 to the low of $0.3652. Additionally, there has been a breakout above the short-term descending triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
The price of Dogecoin is currently trading above $0.3750 and the 100-hour simple moving average. The immediate resistance above is near the $0.3950 level or the 61.8% Fib retracement of the downward move from the high of $0.4208 to the low of $0.3652.
The first major resistance level for buyers may be around $0.400. The next major resistance is near $0.4080. A close above the $0.4080 resistance could push the price to the $0.4200 resistance. Any further increase could push the price to $0.4500. The next major stop for buyers could be $0.500.
Is there support for dips in DOGE?
If the DOGE price does not surpass the $0.400 level, it may start to correct downwards. Initial support on the decline is near the $0.3850 level. The next main support is near the $0.3750 level.
The main support level is at $0.3550. If there is a breakdown below the support level of $0.3550, the price may drop further. In the mentioned case, the price could decline to $0.3200 or even $0.300 in the near future.
Technical indicators
Hourly MACD - The MACD for DOGE/USD is currently accelerating in the bullish zone.
Hourly Relative Strength Index (RSI) - The RSI for DOGE/USD is currently above the 50 level.
Main support levels - $0.3850 and $0.3750.
Main resistance levels - $0.4000 and $0.4200.
