Dogecoin Price Surges Above $0.4250, Targets $0.50 Resistance
Dogecoin is trading above the $0.4250 support against the US Dollar, showing bullish momentum and potential to exceed the $0.50 resistance.
- DOGE price increased above the $0.440 level.
- The price remains above $0.4350 and the 100-hourly simple moving average.
- A key bullish trend line is forming with support at $0.430 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- Another increase could occur if it surpasses the $0.4600 and $0.4640 resistance levels.
Dogecoin Price Regains Momentum
Dogecoin price has risen above $0.4150, similar to movements seen in Bitcoin and Ethereum. DOGE surpassed the $0.4250 and $0.4400 resistance levels, increasing over 5% with a recent high at $0.4637.
The price is currently consolidating gains below $0.450 after a minor decline toward $0.4450 and $0.4400, which aligns with the 23.6% Fib retracement level from the $0.3646 swing low to the $0.4637 high.
Currently, Dogecoin trades above $0.430 and the 100-hourly simple moving average, supported by a bullish trend line at $0.430.
Immediate resistance is near $0.4550, with significant resistance for bulls at $0.4640. Further resistance is located at $0.4720.
A close above the $0.4720 resistance may push the price toward $0.4880, with additional gains potentially reaching $0.5000 and then $0.5200.
Downside Correction In DOGE?
If DOGE fails to rise above $0.4500, it might experience a decline. Initial downside support is near $0.4400, followed by major support at $0.430 and the trend line.
The main support level is at $0.4150. A break below this level could lead to further declines toward $0.4000 or even $0.3800.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is above the 50 level.
Major Support Levels – $0.4400 and $0.4300.
Major Resistance Levels – $0.4500 and $0.4640.