Dogecoin (DOGE) has initiated a downward correction, dipping below the crucial $0.400 support level against the US Dollar. Currently, DOGE is in a phase of consolidation, hinting at a potential fresh upswing that could see it rise above the $0.4050 mark.
Key Insights on DOGE’s Current Price Action
- Dogecoin’s price has embarked on a new decline, slipping beneath the $0.40 threshold.
- It is trading below the $0.4050 level, alongside the 100-hourly simple moving average.
- A bullish trend line is forming with support positioned around $0.3950 on the hourly chart of the DOGE/USD pair, according to data sourced from Kraken.
- A rally could ignite if DOGE clears the resistance levels at $0.4050 and $0.4150.
Dogecoin Price Targets: Anticipating a Fresh Surge
The DOGE price has retracted from highs above $0.410, contrasting with Bitcoin and Ethereum’s movements. It has fallen below the $0.4020 and $0.400 support levels, even experiencing a brief dip below $0.3980. A low was established at $0.3963, and since then, the price has been stabilizing its losses. It has regained some ground, climbing back above $0.40 and surpassing the 23.6% Fibonacci retracement level of the downturn from the $0.4136 swing high to the $0.3963 low.
Currently, Dogecoin is trading below both the $0.4050 level and the 100-hourly simple moving average. Notably, a connecting bullish trend line is forming, offering support around $0.3950 on the hourly chart of the DOGE/USD pair. Immediate resistance can be found on the upside, near the $0.4025 level. The first significant resistance for bulls is likely to be around the $0.4050 level, with the next major resistance level situated near $0.4095 or the 76.4% Fibonacci retracement level of the downturn from $0.4136 swing high to $0.3963 low.
If the price successfully closes above the $0.4095 resistance, it might propel towards the $0.4150 resistance level. Further gains could see the price advancing to the $0.4350 level, with the next major target for bulls being the $0.4500 mark.
Potential for Further Declines in DOGE?
If Dogecoin fails to ascend beyond the $0.4050 level, another downward movement might ensue. Initial support on the downside is near the $0.3980 level, with the next major support found around the $0.3950 level. The primary support stands at $0.3750. A breach below this support could lead to further declines, potentially driving the price towards the $0.350 level or even as low as $0.3420 in the short term.
Technical Indicators
- Hourly MACD: The MACD for DOGE/USD is currently losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is currently positioned below the 50 mark.
Major Support and Resistance Levels
- Major Support Levels: $0.3980 and $0.3750.
- Major Resistance Levels: $0.4050 and $0.4095.
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