NewsBTC
14 November 2024
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Dogecoin Surges Above $0.320 Resistance, Eyes Further Gains

Dogecoin initiated a surge above the $0.320 resistance against the US Dollar, currently maintaining gains and targeting further increases beyond $0.4180.

  • DOGE's price began a rally similar to Bitcoin, surpassing the $0.350 resistance level.
  • The price is trading above $0.3650 and the 100-hourly simple moving average.
  • A key bullish trend line is forming with support at $0.3870 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price may continue to rise if it breaks through the $0.400 and $0.4150 resistance levels.

Dogecoin Price Surge Overview

Dogecoin's price surged after overcoming the $0.320 resistance level, following a similar trend to Bitcoin and Ethereum. DOGE gained momentum, climbing past the $0.3800 and $0.400 resistance levels.

The pair reached a high of $0.4342 but is currently correcting gains, dipping below the $0.40 mark and the 50% Fibonacci retracement level from the $0.3519 swing low to the $0.4342 high. However, buying interest remains near the $0.3850 zone. Dogecoin is trading above $0.3650 and the 100-hourly simple moving average, with a key bullish trend line forming at $0.3870, close to the 61.8% Fibonacci retracement level.

Dogecoin Price

Immediate resistance is near $0.400, followed by significant resistance at $0.4150. A close above $0.4150 could push the price towards $0.4320, with potential gains leading to $0.4500 and further up to $0.4650.

Support Levels for DOGE

If DOGE fails to break above $0.4150, it may begin a downside correction. Initial support is at the $0.3870 level and the trend line, with major support at $0.3715. The main support stands at $0.3420; a drop below this level could lead to further declines towards $0.3150 or even $0.300 in the short term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is losing momentum within the bullish zone.

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

Major Support Levels – $0.3870 and $0.3715.

Major Resistance Levels – $0.4000 and $0.4150.