Dogecoin recently experienced a notable rise, surpassing the $0.350 threshold against the US Dollar. The cryptocurrency is currently consolidating and may gain further momentum if it successfully breaks through the $0.3880 resistance level.
In a recent surge, Dogecoin's price climbed above critical levels at $0.350 and $0.3650. Currently, DOGE is trading comfortably above the $0.370 mark, supported by the 100-hourly simple moving average. A significant technical development occurred with the breach of a bearish trend line, with resistance established at $0.3825 on the hourly DOGE/USD chart, sourced from Kraken. The possibility exists for Dogecoin to gather momentum should it overcome resistance levels at $0.3880 and subsequently at $0.3920.
Dogecoin has found support around $0.3120 and initiated its upward trend, similar to Bitcoin and Ethereum's recent movements. The cryptocurrency successfully surpassed the $0.3350 and $0.350 resistance levels. Notably, DOGE even crossed the $0.3880 mark before facing a downward correction. A low formed at $0.3750, setting the stage for further upward movement. The cryptocurrency has risen above the $0.380 resistance and breached the bearish trend line on the hourly chart, showcasing a bullish sentiment.
Furthermore, Dogecoin retraced above the 50% Fibonacci level from the downturn spanning from the $0.3986 high to the $0.3750 low. Currently, the price trades above $0.380, maintained by the 100-hourly simple moving average. Immediate resistance is positioned near $0.3880, coinciding with the 61.8% Fibonacci retracement of the prior downward move from $0.3986 to $0.3750. The subsequent key resistance for the bulls stands at $0.3920.
Should Dogecoin breach the $0.40 resistance, it could propel the price toward $0.420. Further profits may lead the price toward $0.4380, with a potential major bullish target at $0.450.
However, if Dogecoin fails to cross the $0.3880 mark, another decline might ensue. Initial downside support is at $0.380, followed by a significant level at $0.3750. The primary support is identified near $0.3650. A break beneath this threshold could lead to a further decrease to $0.350 or even $0.3420 in the near term.
Technical indicators reveal the MACD for DOGE/USD losing momentum within the bearish zone, while the RSI for DOGE/USD hovers above 50. Significant support exists at $0.380 and $0.3750, with key resistance levels at $0.3880 and $0.3920.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.