Dogecoin is gaining pace above the USD 0.4250 support against the US dollar. DOGE is trading in a bullish zone and could soon surpass the USD 0.50 resistance.
- DOGE price started a new increase above the $0.440 level.
- The price is trading above the USD 0.4350 level and the 100-hour simple moving average.
- A major bullish trendline is forming with support at $0.430 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could rise again if it crosses the USD 0.4600 and USD 0.4640 resistance levels.
Dogecoin price regains momentum
The price of Dogecoin started a new increase above $0.4150, just like Bitcoin and Ethereum. DOGE traded above the USD 0.4250 and USD 0.4400 resistance levels. The price is up over 5%, reaching the recent high at $0.4637.
The price is now consolidating gains below the USD 0.450 level. There was a small decline towards the $0.4450 and $0.4400 levels and the 23.6% Fib retracement level of the upward move from the $0.3646 swing low to the $0.4637 high.
The Dogecoin price is now trading above the $0.430 level and the 100-hourly moving average. There is also a major bullish trendline forming with support at $0.430 on the hourly chart of the DOGE/USD pair.
The immediate resistance on the upside is near the $0.4550 level. The first major resistance for the bulls could be near the $0.46400 level. The next major resistance is near the $0.4720 level.
A close above the resistance at $0.4720 could send the price towards the resistance at $0.4880. Any further gains could send the price towards the USD 0.5000 level. The next big stop for the bulls could be $0.5200.
Disadvantage correction in DOGE?
If DOGE price fails to rise above the USD 0.4500 level, it could trigger another decline. The initial downside support is near the $0.4400 level. The next major support is near the $0.430 level and trendline.
The main support is at $0.4150. If there is a downside break below the USD 0.4150 support, the price could fall further. In the mentioned case, the price could drop to the $0.4000 level or even $0.3800 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – USD 0.4400 and USD 0.4300.
Major resistance levels – $0.4500 and $0.4640.