Breakthrough of key support and resistance
The Dogecoin to USD exchange rate shows a breakout trend amid the battle for the support level at $0.4250, currently in the bullish zone, targeting the resistance level at $0.50.
Its price has begun to rise from $0.4150, breaking through resistance at $0.4250 and $0.4400, with an increase of over 5%, peaking at $0.4637, currently consolidating the gains below $0.450 with slight pullback.
Technical indicators and trend lines
The trading price is above $0.4350 and the 100-hour simple moving average, with a key bullish trend line forming support at $0.430 on the hourly chart.
In terms of technical indicators, the hourly MACD is gaining momentum in the bearish zone, with the hourly RSI above the 50 level.
Upward and downward outlook
The upside faces direct resistance near $0.4550, with major resistance levels at $0.4640 and $0.4720. If it breaks through $0.4720, it is expected to move towards $0.4880 and $0.5000, with the bullish stop-loss point at $0.5200.
If it fails to break below $0.4500, it may decline again, with initial support at $0.4400, major support at $0.430, trend line, and $0.4150. If broken, it could short-term drop to $0.4000 or even $0.3800.
