Dogecoin is consolidating gains above the $0.380 resistance level. Dogecoin maintains its gains and is expected to break through $0.400.
DOGE price has started to break through the resistance level of $0.3750 and is rising again.
The price is trading above the $0.3800 level and the 100-hour simple moving average.
On the hourly chart of DOGE/USD, it has broken through the short-term contracting triangle, with resistance at $0.390 (data from Kraken).
If the price breaks through the resistance levels of $0.400 and $0.4080, it may continue to rise.
Dogecoin price is expected to rise further.
After gaining support above $0.350, Dogecoin has opened a new upward trend similar to Bitcoin and Ethereum, showing a breakthrough of the $0.3650 and $0.3750 resistance levels. Its price has surpassed the 50% Fibonacci retracement level from the high of $0.4208 to the low of $0.3652, and has broken through the $0.390 resistance level in a short-term contracting triangle on the DOGE/USD hourly chart.
Dogecoin price is above the $0.3750 level and the 100-hour simple moving average. The upside is closely approaching resistance near $0.3950, which is the 61.8% Fibonacci retracement level of the aforementioned high and low points. The first major resistance for bulls may be around $0.400, with the next around $0.4080.
Will Dogecoin fall again?
If the closing price is above $0.4080, the price is expected to move towards $0.4200, and if it continues to rise, it may reach $0.4500. The next key stop-loss level for bulls may be at $0.500. If Dogecoin fails to break through $0.400, it may trigger a downward correction.
Initial support on the downside is near $0.3850, with the next major support level around $0.3750 and critical support at $0.3550. Once the support at $0.3550 is broken, the price may continue to fall, potentially exploring $0.3200 or even $0.300 in the short term.
Technical Indicators
Hourly MACD - The MACD for DOGE/USD is currently gaining momentum in the bullish zone.
Hourly RSI - The RSI for DOGE/USD is now above the 50 level.
Major support levels - $0.3850 and $0.3750.
Major resistance levels - $0.4000 and $0.4200.
