NewsBTC
27 December 2024
Updated 28 December
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Dogecoin Price Consolidates Above $0.30 Support Level

Dogecoin (DOGE) has revisited the $0.30 support zone against the US Dollar. Currently, DOGE is consolidating and may gain traction if it surpasses the $0.3165 resistance.

  • DOGE price declined and approached the $0.300 level.
  • The price remains below the $0.320 level and the 100-hour simple moving average.
  • A bearish trend line is forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could gain momentum if it breaks above the $0.3165 and $0.320 resistance levels.

Dogecoin Price Revisits Support

Dogecoin's price began to decline from over $0.3350, similar to movements seen in Bitcoin and Ethereum. DOGE fell below the $0.3250 and $0.320 support levels, even dipping below $0.3120.

A low was established at $0.3081, and the price is now consolidating losses. It has recovered slightly, climbing above $0.3150, testing the 23.6% Fibonacci retracement level of the drop from the $0.3427 swing high to the $0.3081 low.

Currently, Dogecoin trades below the $0.320 level and the 100-hourly simple moving average. Immediate resistance is near the $0.3165 level, with a bearish trend line also providing resistance at this point on the hourly chart.

The first significant resistance for bullish movements could be around $0.3250 or the 50% Fibonacci retracement level from the previous drop.

Dogecoin Price

The next major resistance is near $0.3295. A close above this level could propel the price toward the $0.350 mark, with further gains potentially reaching up to $0.3680. The next significant target for bulls may be $0.40.

Possible Decline in DOGE?

If DOGE fails to rise above the $0.3165 level, another decline could occur. Initial support on the downside is near $0.3120, followed by major support at $0.3080.

The primary support level is at $0.30. A break below this support could lead to further declines, potentially towards $0.2850 or even $0.2620 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD indicates a loss of momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.

Major Support Levels – $0.3080 and $0.3000.

Major Resistance Levels – $0.3165 and $0.3250.