Dogecoin is on pace to rise above the support at $0.4250 against the US dollar. DOGE is trading in a bullish zone and is likely to cross the $0.50 resistance soon.
DOGE price started a new rally above the $0.440 level. The price is trading above the $0.4350 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, a major bullish trend line is forming with support at $0.430 (data source: Kraken). If the price can break through the resistance levels at $0.4600 and $0.4640, the price could move higher.
Dogecoin price regains momentum
Dogecoin price started a new rally above $0.4150, similar to Bitcoin and Ethereum. DOGE traded above the resistance levels at $0.4250 and $0.4400. The price rose more than 5%, with a recent high formed at $0.4637.
Prices are currently consolidating gains below $0.450. There was a slight decline towards the $0.4450 and $0.4400 levels and the 23.6% Fib retracement level of the rally from the swing low of $0.3646 to the high of $0.4637.
Dogecoin price is currently trading above the $0.430 level and the 100-hour simple moving average. On the hourly chart of the DOGE/USD pair, there is also an important bullish trend line forming with support at $0.430.
For now, the upside resistance is near $0.4550. The first major resistance for the bulls could be around $0.46400. The next major resistance level is near USD 0.4720.
If the price closes above the $0.4720 resistance, the price could head toward the $0.4880 resistance. Further upside could push the price towards the $0.5000 level. The next major stop for the bulls could be at $0.5200.
DOGE downside correction?
If DOGE price fails to break above the $0.4500 level, further decline could begin. Downside support is near $0.4400. The next major support is near the $0.430 level and trend line.
The main support lies at USD 0.4150. If the price breaks below the support at USD 0.4150, the price may fall further. In the above case, the price may fall towards the $0.4000 level and even $0.3800 in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – $0.4400 and $0.4300.
Key resistance levels – $0.4500 and $0.4640.
