Dogecoin (DOGE) is poised for a big breakout: $0.5 is not a dream

Dogecoin has been surging recently, heading towards the $0.425 mark. At this momentum, breaking through $0.5 is just a matter of time.

The DOGE price has risen again, already soaring above $0.44. Moreover, it is firmly standing above $0.435 and the 100-hour simple moving average, which is quite impressive!

In the pairing of Dogecoin and the US dollar, a crucial bullish trend line has been drawn on the hourly chart, with support at $0.43 (data from Kraken). If the price can push further and break through the two levels of $0.46 and $0.464, there will be even more room for an increase.

Dogecoin has really regained its vitality this time, just like Bitcoin and Ethereum, breaking through $0.415 and setting new highs. The price has already surpassed the resistance levels of $0.425 and $0.44, with an increase of over 5%, and the latest high has reached $0.4637.

Currently, the price is stabilizing below $0.45, slightly correcting to $0.445 and $0.44, along with the 23.6% Fibonacci retracement level from the low of $0.3646 to the high of $0.4637.

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Dogecoin is still trading above $0.43 and the 100-hour simple moving average, and the bullish trend line on the hourly chart is also steady, with support at $0.43.

Looking upwards, the first resistance level is around $0.455, followed by the significant levels of $0.464 and $0.472. If the closing price can break above $0.472, the price might continue to push towards $0.488 and $0.5, and reaching $0.52 wouldn’t be a dream.

However, if the Dogecoin price cannot break above $0.45, a correction might be needed. The first support level is at $0.44, followed by $0.43 and the trend line. If it cannot hold $0.415, it might drop to $0.4 or even $0.38.

Looking at the technical indicators, although the MACD for Dogecoin and the US dollar is currently in a bearish zone, the RSI (Relative Strength Index) is above the 50 level.

In summary, the main support levels for Dogecoin are at $0.44 and $0.43, while the main resistance levels are at $0.45 and $0.464. Everyone, take note!