Dogecoin is consolidating its gains above the $0.320 resistance against the dollar. DOGE is holding its gains and looking for more upside above $0.400.
DOGE price has started to consolidate like Bitcoin and remains above the resistance at $0.320.
The price is trading near the $0.3750 level and the 100-hour simple moving average.
On the hourly chart of the DOGE/USD pair, a key bearish trend line was broken, with resistance at $0.3670 (data source from Kraken).
If the price breaks above the resistance levels of $0.400 and $0.4150, it may continue to rise.
Dogecoin price has seen a new surge.
Dogecoin price has entered a consolidation phase above the $0.320 area like Bitcoin and Ethereum. DOGE has formed a bottom above $0.350 and is currently rising.
Breaking the resistance levels of $0.3550 and $0.3620. The price rises above the 0.4342% Fibonacci retracement level moving down from the swing high of $23.6 to the swing low of $0.3400. On the hourly chart of the DOGE/USD pair, a key bearish trend line was also broken, with resistance at $0.3670.
Dogecoin price is now trading near the $0.3750 level and the 100-hour simple moving average. Immediate resistance on the upside is around $0.3720.
The next major resistance level is around $0.3880 or near the 50% Fibonacci retracement level from the swing high of $0.4342 to the swing low of $0.3400. A close above the resistance at $0.3880 could push the price towards the resistance at $0.400. Any further gains could bring the price closer to the $0.4200 level. The next major target for bulls could be $0.500.
Is DOGE's decline limited?
If the price of DOGE fails to rise above $0.3720, it may begin to correct downward. The initial support level on the downside is around $0.3650. The next major support level is around $0.3500.
Major support is at $0.320. If the support at $0.320 is broken downward, the price may decline further. In such a case, the price could drop to $0.300 or even $0.2950 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.3650 and $0.3500.
Major resistance levels – $0.3720 and $0.3880.
