Dogecoin Holds Above $0.320 Resistance, Targets $0.400 Level
Dogecoin is consolidating gains above the $0.320 resistance against the US Dollar, with potential upward movement above $0.400.
- DOGE price is consolidating similarly to Bitcoin and remains above the $0.320 resistance level.
- The price is near $0.3750 and the 100-hourly simple moving average.
- A key bearish trend line was broken at $0.3670 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- Further rally is possible if it surpasses the $0.400 and $0.4150 resistance levels.
Dogecoin Price Eyes Fresh Surge
Dogecoin has entered a consolidation phase above $0.320, forming a base above $0.350. The price has moved past the $0.3550 and $0.3620 resistance levels, climbing above the 23.6% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. A break above the bearish trend line at $0.3670 confirms this upward trend.
Currently, Dogecoin trades around $0.3750, with immediate resistance at $0.3720. The next significant resistance level is approximately $0.3880 or the 50% Fib retracement level of the downward move. A close above $0.3880 could lead to targets of $0.400 and potentially up to $0.4200, with a major target at $0.500.
Are Dips Limited In DOGE?
If DOGE does not rise above $0.3720, a downside correction may begin. Initial support is at $0.3650, followed by major support near $0.3500. The main support level is at $0.320; a decline below this could lead to further drops towards $0.300 or $0.2950.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD shows increasing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is above the 50 level.
Major Support Levels – $0.3650 and $0.3500.
Major Resistance Levels – $0.3720 and $0.3880.