NewsBTC
27 November 2024
0 0

Dogecoin Consolidates Above $0.3650 Support, Eyes $0.400 Resistance

Dogecoin is consolidating losses above the $0.3650 support against the US Dollar. DOGE could restart an increase if it clears the $0.400 resistance.

  • DOGE price began a downside correction below the $0.420 level.
  • The price trades below the $0.400 level and the 100-hourly simple moving average.
  • A key bearish trend line forms with resistance at $0.3920 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price may start another increase if it clears the $0.400 and $0.4100 resistance levels.

Dogecoin Price Eyes Fresh Increase

Dogecoin price initiated a downside correction below $0.450, similar to Bitcoin and Ethereum. DOGE traded below the $0.420 and $0.400 support levels, forming a low at $0.3646, and is now consolidating losses.

A minor increase occurred above the $0.380 level, testing the 23.6% Fib retracement level of the downward move from the $0.4808 swing high to the $0.3646 low. Bears remain active below the $0.40 level.

Currently, Dogecoin price trades above the $0.40 level and the 100-hourly simple moving average. Immediate resistance is near the $0.3920 level, where a key bearish trend line also forms.

The first major resistance for bulls is near the $0.400 level, followed by the $0.4220 level or the 50% Fib retracement of the decline from the $0.4808 swing high to the $0.3646 low.

Dogecoin Price

A close above the $0.4220 resistance may push the price toward $0.4520. Additional gains might target the $0.4800 level, with a potential stop for bulls at $0.500.

Another Decline In DOGE?

If DOGE fails to rise above the $0.400 level, it could initiate another decline. Initial downside support is near $0.3780, with major support at $0.3650.

The main support sits at $0.3500. A break below this level may lead to further declines, potentially targeting $0.3200 or even $0.300 in the near term.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is near the 50 level.

Major Support Levels: $0.3780 and $0.3650.

Major Resistance Levels: $0.4000 and $0.4220.