Dogecoin Price Trend Analysis
Dogecoin is currently hovering above an exchange rate of 0.365 USD against the US dollar. If it can break through the 0.4 USD hurdle, it might rise again.
The price of Dogecoin previously surged to below 0.42 USD before starting to pull back.
Currently, the price is lower than both 0.4 USD and the 100-hour moving average.
On the hourly chart for Dogecoin against the US dollar, a downward trendline has been drawn, with a resistance level at 0.392 USD.
However, if the price can surpass 0.4 USD and 0.41 USD, it may continue to rise.
Dogecoin price may rise again
Like Bitcoin and Ethereum, Dogecoin has also started to pull back, and the current price is lower than both 0.42 USD and 0.4 USD. The lowest point reached was 0.3646 USD, and the current price is still stable.
The price has slightly increased to above 0.38 USD and has tested the 23.6% Fibonacci retracement level from 0.4808 USD to 0.3646 USD. However, bears are still quite active below 0.4 USD.
Currently, the Dogecoin price is higher than both 0.4 USD and the 100-hour moving average, but direct upward resistance is near 0.392 USD. There is also a downward trendline on the hourly chart at this position.
If bulls want to continue rising, the first hurdle is 0.4 USD, and the next hurdle is 0.422 USD, which is the 50% Fibonacci retracement level from 0.4808 USD to 0.3646 USD.
If the closing price can reach 0.422 USD, the price may surge to 0.452 USD, and if it continues to rise, it might reach 0.48 USD or even 0.5 USD.
Will Dogecoin drop again?
If the Dogecoin price cannot break through 0.4 USD, it may need to drop. The main support level is at 0.378 USD, and the next one is at 0.365 USD.
If the support at 0.35 USD is also broken, the price may continue to fall and could drop to 0.32 USD or even 0.3 USD in the short term.
The MACD indicator shows that Dogecoin against the US dollar currently lacks momentum and is in a downward zone.
The RSI indicator indicates that Dogecoin against the US dollar is currently close to the 50 level.
Main support levels are at 0.378 USD and 0.365 USD.
Main resistance levels are at 0.4 USD and 0.422 USD.
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