Dogecoin is accelerating past the support level of $0.4250 against the US dollar. DOGE is trading in a bullish zone and may soon break through the resistance level of $0.50.

  • DOGE price starts to rise again above $0.440.

  • The price is trading above $0.4350 and the simple moving average of 100 hours.

  • There is an important upward 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 to rise again if it breaks through the resistance levels of $0.4600 and $0.4640.

Dogecoin price regains upward momentum.

Dogecoin price begins a new surge above $0.4150 similar to Bitcoin and Ethereum. DOGE trades above the resistance levels of $0.4250 and $0.4400. The price has increased by over 5% and a recent high was formed at $0.4637.

The price is currently consolidating gains below $0.450. There is a slight decline towards $0.4450 and $0.4400, and the 23.6% Fibonacci retracement level of the upward move from the low of $0.3646 to the high of $0.4637.

Dogecoin is currently trading above $0.430 and the simple moving average of 100 hours. Additionally, there is an important upward trend line forming with support at $0.430 on the hourly chart of the DOGE/USD pair.

Immediate resistance above is near $0.4550. The first major resistance for buyers could be near $0.46400. The next major resistance is near $0.4720.

A close above the resistance level of $0.4720 could push the price up to the resistance level of $0.4880. Any further increase could push the price up to $0.5000. The next significant stop for buyers could be $0.5200.

Bearish correction in DOGE?

If DOGE price does not break above $0.4500, it may begin another bearish phase. Initial support on the downside is near $0.4400. The next major support is near $0.430 and the trend line.

The key support level is at $0.4150. If there is a break below the support level of $0.4150, the price could decline further. In that case, the price could drop to $0.4000 or even $0.3800 in the near future.

Technical Indicators

  • Hourly MACD – The MACD for DOGE/USD is currently accelerating in the bearish zone.

  • The hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is currently above 50.

  • Major support – $0.4400 and $0.4300.

  • Major resistance – $0.4500 and $0.4640.