Dogecoin (DOGE) has shown remarkable resilience by consolidating its gains above the critical $0.380 resistance against the US Dollar. As the digital currency continues to maintain its upward trajectory, it sets its sights on further growth beyond the $0.400 mark.
Key Highlights
- DOGE price initiated a fresh surge, clearing the $0.3750 resistance level.
- The price is currently positioned above the $0.3800 mark and the 100-hourly simple moving average.
- On the hourly chart for the DOGE/USD pair, sourced from Kraken, a breakout occurred beyond a short-term contracting triangle with resistance at $0.390.
- If the price surpasses the $0.400 and $0.4080 resistance levels, the rally could continue.
Dogecoin Price Eyes More Upsides
In recent trading sessions, Dogecoin has managed to find support above the $0.350 level, much like the patterns observed in Bitcoin and Ethereum. The cryptocurrency successfully overcame the $0.3650 and $0.3750 resistance barriers, marking a promising start for potential bullish movements.
The price demonstrated strength by surpassing the 50% Fibonacci retracement level, calculated from the downward trajectory between the $0.4208 high and the $0.3652 low. Furthermore, a significant breakthrough was noted as the price cleared a short-term contracting triangle with resistance pegged at $0.390 on the hourly chart of the DOGE/USD pair.
Currently, Dogecoin trades above the $0.3750 level and remains above the 100-hourly simple moving average. Immediate resistance looms near the $0.3950 level, closely aligned with the 61.8% Fibonacci retracement level, derived from the same downward movement.
The bulls face their first major challenge at the $0.400 level, with the subsequent substantial resistance positioned near $0.4080. Should the price achieve a close above this resistance, it could potentially accelerate toward $0.4200. Further bullish momentum might propel the price to the $0.4500 level, with the next significant target for bulls being the $0.500 mark.
Are Dips Supported in DOGE?
In the event that Dogecoin’s price struggles to ascend beyond the $0.400 level, a downward correction might ensue. The initial support on this path lies near the $0.3850 level, followed by another critical support close to $0.3750.
The primary support zone is established around $0.3550. Should the price experience a breach below this level, further declines could be expected. In such a scenario, Dogecoin’s value might edge toward the $0.3200 level or potentially dip to $0.300 in the near future.
Technical Indicators
Hourly MACD
The MACD for DOGE/USD is currently gaining momentum within the bullish territory, suggesting positive sentiment among traders.
Hourly RSI (Relative Strength Index)
The RSI for DOGE/USD is presently above the 50 level, indicating a favorable position for buyers.
Major Support Levels
$0.3850 and $0.3750.
Major Resistance Levels
$0.4000 and $0.4200.
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