Dogecoin is consolidating the gains made above the resistance level of $0.380 and hopes to maintain this gain, with the potential to break through $0.400.
DOGE price has started to break through the resistance level of $0.3750, leading to another upward trend. Currently, its price is above the $0.3800 level and the 100-hour simple moving average.
On the hourly chart for DOGE/USD, the coin has broken through the short-term contracting triangle, with the corresponding resistance level at $0.390. If its price can break through the two resistance levels of $0.400 and $0.4080, it may continue to climb.
Dogecoin's price has recently begun a new round of increases, similar to Bitcoin and Ethereum, and is still gaining support above $0.350, successfully breaking through the resistance levels of $0.3650 and $0.3750. Its price has risen above the 50% Fibonacci retracement level of the downward trend from the high of $0.4208 to the low of $0.3652, while also breaking through the resistance level of $0.390 in a short-term contracting triangle on the hourly chart.
Currently, Dogecoin's price is above the $0.3750 level and the 100-hour simple moving average, with direct resistance around $0.3950, which is the 61.8% Fibonacci retracement level of the downward trend from the high of $0.4208 to the low of $0.3652.
For Dogecoin's price, the first major resistance level that bulls face may be around $0.400, with the next major resistance level around $0.4080. If the closing price is above the $0.4080 resistance level, the price may move towards the $0.4200 resistance level; if the price continues to rise, it may even move towards $0.4500. The next major stop-loss level for bulls may be $0.500.
Regarding whether Dogecoin supports a pullback
If its price fails to break through the $0.400 level, it may initiate a downward correction. The initial support level is around $0.3850, with the next major support level around $0.3750, and the main support level at $0.3550. If the support level of $0.3550 is broken, the price could further decline in the short term, potentially down to $0.3200 or even $0.300.
Technical indicators:
Hourly MACD: The MACD indicator for DOGE/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is now above the 50 level.
The main support levels are $0.3850 and $0.3750, while the main resistance levels are $0.4000 and $0.4200.
