Dogecoin is consolidating gains above the USD 0.380 resistance against the US dollar. DOGE holds gains and looks for more upside above $0.400.
- DOGE price started a fresh rise above the USD 0.3750 resistance level.
- The price is trading above the USD 0.3800 level and the 100-hour simple moving average.
- There was a break above a contracting short-term triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could continue to rise if it crosses the USD 0.400 and USD 0.4080 resistance levels.
Dogecoin price has more upsides
Dogecoin price remained supported above the USD 0.350 level and recently started a new increase, just like Bitcoin and Ethereum. DOGE was able to break the USD 0.3650 and USD 0.3750 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Moreover, there was a break above a short-term contractual triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading above the $0.3750 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low.
The first major resistance for the bulls could be near the USD 0.400 level. The next major resistance is near the $0.4080 level. A close above the USD 0.4080 resistance could send the price towards the USD 0.4200 resistance. Any further gains could send the price towards the USD 0.4500 level. The next big stop for the bulls could be $0.500.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.400 level, it could trigger a downside correction. The initial downside support is near the $0.3850 level. The next major support is near the $0.3750 level.
The main support is at USD 0.3550. If there is a downside break below the USD 0.3550 support, the price could fall further. In the mentioned case, the price could drop to the $0.3200 level or even $0.300 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.3850 and $0.3750.
Major resistance levels – $0.4000 and $0.4200.
