Dogecoin started a new rise above the $0.350 zone against the US dollar. DOGE is now consolidating and could gain strength if it clears the resistance at $0.3880.
- DOGE price started a new increase above USD 0.350 and USD 0.3650.
- The price is trading above the USD 0.370 level and the 100-hour simple moving average.
- There was a break above a connecting bearish trendline with resistance at $0.3825 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could gain strength if it breaches the USD 0.3880 and USD 0.3920 resistance levels.
Dogecoin price holds support
Dogecoin price started to rise again from the $0.3120 support, like Bitcoin and Ethereum. DOGE was able to surpass the USD 0.3350 and USD 0.350 resistance. It even reached the $0.3880 level before a downward correction took place.
A low was formed at $0.3750 and the price is now rising. There was a move above the resistance at $0.380. Additionally, there was a break above a connecting bearish trendline with resistance at $0.3825 on the hourly chart of the DOGE/USD pair.
The pair climbed above the 50% Fib retracement level of the downward move from the $0.3986 swing high to the $0.3750 low. The Dogecoin price is now trading above the $0.380 level and the 100-hourly moving average.
The immediate resistance on the upside is near the $0.3880 level or the 61.8% Fib retracement level of the downward move from the $0.3986 swing high to the $0.3750 low. The first major resistance for the bulls could be near the $0.3920 level.
The next major resistance is near the $0.40 level. A close above the USD 0.40 resistance could send the price towards the USD 0.420 resistance. Any further gains could send the price towards the USD 0.4380 level. The next big stop for the bulls could be $0.450.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.3880 level, it could trigger another decline. The initial downside support is near the USD 0.380 level. The next major support is near the $0.3750 level.
The main support is at $0.3650. If there is a downside break below the USD 0.3650 support, the price could fall further. In the mentioned case, the price could drop to the $0.350 level or even $0.3420 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing 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 0.380 and USD 0.3750.
Major resistance levels – $0.3880 and $0.3920.