Dogecoin has started a new price increase above the area of $0.350 against the US dollar. DOGE is currently consolidating and could rise if it surpasses the resistance level of $0.3880.

  • The DOGE price has started to rise again above $0.350 and $0.3650.

  • The price is trading above $0.370 and the 100-hour simple moving average.

  • There has been a breakout on the declining trendline connecting to the resistance level at $0.3825 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could surge strongly if it surpasses the resistance levels of $0.3880 and $0.3920.

Dogecoin Price Holds Support Level

The price of Dogecoin has started a new rise from the support level of $0.3120, similar to Bitcoin and Ethereum. DOGE has managed to break through the resistance levels of $0.3350 and $0.350. It even surpassed the level of $0.3880 before a downward adjustment.

The low level was formed at $0.3750 and the price is currently rising. There is a move above the resistance level of $0.380. Additionally, there is a breakout on the declining trendline connecting to the resistance level at $0.3825 on the hourly chart of the DOGE/USD pair.

This currency pair has risen above the 50% Fib retracement level of the decline from the high of $0.3986 to the low of $0.3750. Dogecoin is currently trading above $0.380 and the 100-hour simple moving average.

The immediate resistance above is near $0.3880 or the 61.8% Fibonacci retracement level of the downward move from the high of $0.3986 to the low of $0.3750. The first major resistance for buyers could be near $0.3920.

The next major resistance level is near $0.40. Closing above the resistance level of $0.40 could push the price towards the resistance level of $0.420. Any further increases could push the price to $0.4380. The next main stop for buyers could be $0.450.

Is DOGE Continuing to Decline?

If the DOGE price does not surpass the level of $0.3880, it may start another downward phase. Initial support at the decline is near $0.380. The next main support is near $0.3750.

The main support level is at $0.3650. If there is a breakout below the support level of $0.3650, the price could decline further. In that case, the price could drop to $0.350 or even $0.3420 in the near future.

Technical indicators

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

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

  • Main support – $0.380 and $0.3750.

  • Major resistance – $0.3880 and $0.3920.

DYOR! #Write2Earn #Write&Earn $DOGE