NewsBTC
5 December 2024
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Dogecoin Price Surges Above $0.4250, Eyes Resistance at $0.4650

Dogecoin (DOGE) is experiencing upward momentum, trading above the $0.4250 support against the US Dollar. The price may soon exceed the $0.4650 resistance level.

  • DOGE has increased above the $0.420 mark.
  • The price is above the $0.4250 level and the 100-hourly simple moving average.
  • A break occurred above a key bearish trend line with resistance at $0.4150 on the DOGE/USD hourly chart (data source from Kraken).
  • Further price rallies could occur if it surpasses the $0.450 and $0.4650 resistance levels.

Dogecoin Price Regains Momentum

Dogecoin's price rose above $0.410, similar to movements observed in Bitcoin and Ethereum. DOGE traded past the $0.4200 and $0.4250 resistance levels.

A break above a bearish trend line at $0.4150 occurred on the DOGE/USD hourly chart. The price also surpassed the 50% Fibonacci retracement level from the $0.4637 high to the $0.3878 low.

Currently, Dogecoin trades above the $0.420 level and the 100-hourly simple moving average. Immediate resistance is near the $0.4450 level, close to the 76.4% Fibonacci retracement of the downward move from $0.4637 to $0.3878.

Dogecoin Price

The first significant resistance for bulls is around $0.450, followed by $0.4650. A close above $0.4650 may lead to a rise towards $0.4750 and potentially $0.5000, with the next major stop at $0.5200.

Downside Correction In DOGE?

If DOGE does not rise above $0.4450, a decline may follow. Initial downside support is near $0.4250, with further support at $0.4120.

The primary support level is $0.400. A drop below this level could result in prices declining to $0.3880 or even $0.3750 in the short term.

Technical Indicators:

  • Hourly MACD: Gaining momentum in the bullish zone.
  • Hourly RSI: Above the 50 level.
  • Major Support Levels: $0.4250 and $0.4120.
  • Major Resistance Levels: $0.4450 and $0.4650.