The Dogecoin to USD exchange rate is breaking through the support level of $0.4250. Dogecoin is currently in the bullish zone and may soon break through the resistance level of $0.50.
DOGE price begins to rise again above $0.440.
The price is trading above the level of $0.4350 and the 100-hour simple moving average.
A key bullish trendline has formed on the hourly chart of DOGE/USD, with support at $0.430 (data sourced from Kraken).
If the price breaks through the resistance levels of $0.4600 and $0.4640, it may start rising again.
Dogecoin price regains momentum
Dogecoin's price began to break through $0.4150 like Bitcoin and Ethereum, rising again. Dogecoin traded above the resistance levels of $0.4250 and $0.4400. The price increased more than 5%, with a recent high formed at $0.4637.
The price is currently consolidating below $0.450. The price slightly dropped to levels of $0.4450 and $0.4400, as well as the 23.6% Fibonacci retracement from the swing low of $0.3646 to the high of $0.4637.
Dogecoin's price is currently trading above $0.430 and the 100-hour simple moving average. A key bullish trendline has also formed on the hourly chart of DOGE/USD, with support at $0.430.
On the upside, the immediate resistance level is around $0.4550. The first major resistance for bulls may be around $0.46400. The next major resistance is around $0.4720.
If the closing price breaks through the resistance level of $0.4720, it may push the price towards the resistance level of $0.4880. If the price rises further, it may reach the level of $0.5000. The next major stop-loss point for bulls may be $0.5200.
Is there a downward correction for DOGE?
If the price of DOGE fails to break through the $0.4500 level, it may decline again. The initial support level on the downside is around $0.4400. The next major support level is near $0.430 and the trendline.
The main support level is at $0.4150. If the support level of $0.4150 is broken, the price may decline further. In this case, the price could drop to $0.4000 or even $0.3800 in the short term.
Technical Indicators
Hourly MACD - The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for DOGE/USD is now above the 50 level.
Major support levels - $0.4400 and $0.4300.
Major resistance levels - $0.4500 and $0.4640.