NewsBTC
22 November 2024
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Dogecoin Price Consolidates Gains Above $0.380 Resistance Level

Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar, with potential for further increases above $0.400.

  • DOGE price increased above the $0.3750 resistance level.
  • The price is trading above $0.3800 and the 100-hourly simple moving average.
  • A break occurred above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • Continued rally is possible if it surpasses the $0.400 and $0.4080 resistance levels.

Dogecoin Price Eyes More Upsides

Dogecoin price is supported above the $0.350 level, recently increasing alongside Bitcoin and Ethereum. DOGE cleared the $0.3650 and $0.3750 resistance levels.

The price moved above the 50% Fibonacci retracement level of the downward movement from $0.4208 to $0.3652. A break above a contracting triangle with resistance at $0.390 on the hourly DOGE/USD chart has been confirmed.

Currently, Dogecoin trades above $0.3750 and the 100-hourly simple moving average. Immediate resistance is near the $0.3950 level, corresponding to the 61.8% Fibonacci retracement level of the same downward move.

Dogecoin Price

The first major resistance for buyers is near $0.400, followed by $0.4080. A close above $0.4080 could lead the price towards $0.4200, with potential further gains targeting $0.4500 and eventually $0.500.

Are Dips Supported In DOGE?

If DOGE fails to exceed the $0.400 level, a downside correction may begin. Initial support is near $0.3850, with major support at $0.3750.

The main support level is at $0.3550. A break below this level could result in a decline towards $0.3200 or even $0.300 in the near term.

Technical Indicators:

  • Hourly MACD: Gaining momentum in the bullish zone.
  • Hourly RSI: Above the 50 level.
  • Major Support Levels: $0.3850 and $0.3750.
  • Major Resistance Levels: $0.4000 and $0.4200.