Dogecoin (DOGE) Gearing Up: Can It Overcome Resistance and Climb?
Dogecoin is consolidating losses above the $0.3650 support against the US Dollar. DOGE could restart increase if it clears the $0.400 resistance.
- DOGE price started a downside correction below the $0.420 level.
- The price is trading below the $0.400 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.3920 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another increase if it clears the $0.400 and $0.4100 resistance levels.
Dogecoin Price Eyes Fresh Increase
Dogecoin price started a downside correction below $0.450 like Bitcoin and Ethereum . DOGE traded below the $0.420 and $0.400 support levels. A low was formed at $0.3646 and the price is now consolidating losses.
There was a minor increase above the $0.380 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.4808 swing high to the $0.3646 low. However, the bears seem to be active below the $0.40 level.
Dogecoin price is now trading above the $0.40 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3920 level. There is also a key bearish trend line forming with resistance at $0.3920 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4220 level or the 50% Fib retracement level of the downward move from the $0.4808 swing high to the $0.3646 low.
Source: DOGEUSD on TradingView.comA close above the $0.4220 resistance might send the price toward the $0.4520 resistance. Any more gains might send the price toward the $0.4800 level. The next major stop for the bulls might be $0.500.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.400 level, it could start another decline. Initial support on the downside is near the $0.3780 level. The next major support is near the $0.3650 level.
The main support sits at $0.3500. If there is a downside break below the $0.3500 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near 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 near the 50 level.
Major Support Levels – $0.3780 and $0.3650.
Major Resistance Levels – $0.4000 and $0.4220.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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