Dogecoin has initiated a robust upward movement, surpassing the $0.320 resistance level against the US Dollar. As the cryptocurrency continues to hold onto its gains, it sets its sights on further increases beyond $0.4180.
Key Highlights of DOGE’s Recent Rally
- DOGE price embarked on a new rally similar to Bitcoin, breaking past the $0.350 resistance mark.
- The price is currently trading above the $0.3650 level and is supported by the 100-hourly simple moving average.
- A significant bullish trend line is developing with support positioned at $0.3870 on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- The potential for further rallies exists if the price surpasses the $0.400 and $0.4150 resistance levels.
Dogecoin Price Eyes Fresh Surge
After overcoming the $0.320 resistance, Dogecoin’s price mirrored the upward trends of Bitcoin and Ethereum, gaining momentum to breach the $0.3800 and $0.400 resistance thresholds. The pair even soared beyond $0.4200, reaching a peak at $0.4342, before entering a phase of correction. During this correction, the price fell below the $0.40 level and even dipped under the 50% Fibonacci retracement level of the upward trajectory from the $0.3519 swing low to the $0.4342 high.
Nevertheless, bullish activity remains strong around the $0.3850 zone. Dogecoin is currently trading above the $0.3650 mark, supported by the 100-hourly simple moving average. A crucial bullish trend line is forming with support at $0.3870 on the hourly chart of the DOGE/USD pair. This trend line aligns closely with the 61.8% Fibonacci retracement level of the upward movement from the $0.3519 swing low to the $0.4342 high.
Current and Future Resistance Levels
The immediate resistance faced by Dogecoin is near the $0.400 level, followed by a more substantial resistance at $0.4150. If the price manages to close above the $0.4150 resistance, it could propel towards the next resistance at $0.4320. Further gains may elevate the price to approximately $0.4500, with the bulls potentially targeting the $0.4650 mark as their next major milestone.
Are Dips Supported in DOGE?
Should Dogecoin’s price struggle to surpass the $0.4150 level, it may undergo a downward correction. The initial support on the downside is positioned near the $0.3870 level and the aforementioned trend line. Beyond this, significant support lies at $0.3715. The primary support base is established at $0.3420. A break below this level could lead to further declines, potentially driving the price down to $0.3150 or even $0.300 in the short term.
Technical Indicators
- Hourly MACD: The MACD for DOGE/USD is currently losing momentum within the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is now positioned above the 50 level, indicating a stable momentum.
- Major Support Levels: $0.3870 and $0.3715.
- Major Resistance Levels: $0.4000 and $0.4150.
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