NewsBTC
Jan 6, 2025
0 0

Dogecoin Price Surges Above $0.350, Eyes $0.3880 Resistance

Dogecoin (DOGE) has begun a new upward trend, surpassing the $0.350 mark against the US Dollar. The cryptocurrency is currently consolidating and may gain momentum if it breaks through the $0.3880 resistance.

  • DOGE price increased above $0.350 and $0.3650.
  • The price is trading above $0.370 and the 100-hourly simple moving average.
  • A bearish trend line with resistance at $0.3825 was broken on the hourly chart of the DOGE/USD pair (data from Kraken).
  • Further momentum could occur if the price clears the $0.3880 and $0.3920 resistance levels.

Dogecoin Price Holds Support

Dogecoin's price rose from the $0.3120 support level, similar to trends observed in Bitcoin and Ethereum. DOGE surpassed resistances at $0.3350 and $0.350, reaching $0.3880 before a corrective decline.

A low was established at $0.3750, followed by a rise above the $0.380 resistance. The upward movement included breaking the bearish trend line at $0.3825.

The price climbed past the 50% Fibonacci retracement level of the drop from the $0.3986 high to the $0.3750 low, now trading above $0.380 and the 100-hourly simple moving average.

Immediate resistance is near $0.3880, coinciding with the 61.8% Fibonacci retracement level from the recent downward move. The next significant resistance for bulls is around $0.3920.

Dogecoin Price

The following major resistance level is at $0.40. A close above $0.40 could lead to a rise toward $0.420, with potential further gains towards $0.4380. The next key target for bulls might be $0.450.

Potential Decline in DOGE

If DOGE fails to surpass the $0.3880 level, it may initiate another decline. Initial support is at $0.380, with the next significant support at $0.3750.

The main support level is at $0.3650. A break below this level may cause further declines, possibly down to $0.350 or $0.3420 in the short 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 above the 50 level.

Major Support Levels – $0.380 and $0.3750.

Major Resistance Levels – $0.3880 and $0.3920.