Dogecoin started a new rise above the $0.35 zone against the US Dollar. DOGE is now consolidating and may gain traction if it clears the $0.3880 resistance.
- DOGE price started a new rise above $0.350 and $0.3650.
- The price is trading above the $0.370 level and the 100-hourly simple moving average.
- There was a break above the connected bearish trend line with resistance at $0.3825 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain momentum if it clears the $0.3880 and $0.3920 resistance levels.
Dogecoin Price is supported
Dogecoin price started a new rise from the $0.3120 support, as Bitcoin and Ethereum. DOGE could cross against $0.3350 and $0.350. It even cleared the $0.3880 level before an upside correction.
The minimum stock dividend was $0.3750 and the price is now rising. It moved higher than 0.380 $. Additionally, there was a break above the connected bearish trend line with resistance at $0.3825 on the hourly chart of the DOGE/USD pair.
The pair climbed above the 50% Fib level of the downtrend from the $0.3986 swing high to the $0.3750 low. The price of Dogecoin is now trading above the $0.380 level and the 100-hour simple moving average.
There is immediate resistance to the upside near the $0.3880 level or the 61.8% Fib level of the move down 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 resistance level is near the $0.40 level. A close above the $0.40 resistance could send the price towards the $0.420 resistance. Any further gains could send the price towards the $0.4380 level. $0.450 may be the next big stop for the bulls.
Another decline in DOGE?
If the price of DOGE does not climb above the $0.3880 level, it could start another decline. Initial support on the downside is near the $0.380 level. The next major support is near the $0.3750 level.
The key support is at $0.3650. If there is a break below the $0.3650 support, the price could decline further. In the mentioned case, the price could decline towards the level of $0.350 or even $0.3420 in the long 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.
Key Support Levels – $0.380 and $0.3750.
Key Resistance Levels – $0.3880 and $0.3920.
