Dogecoin has started a fresh rally above the $0.350 zone against the US dollar. DOGE is currently consolidating and could gain ground if it breaks through the resistance at $0.3880.
- DOGE price started a fresh rally above USD 0.350 and USD 0.3650.
- The price is above the $0.370 level and the 100-hour plain moving average.
- There has been a break above the converging bearish trend line with resistance at $0.3825 on the DOGE/USD hourly chart (Kraken Data Source).
- The price could gain momentum if it breaks the $0.3880 and $0.3920 resistance levels.
Dogecoin price maintains support
Dogecoin price started a fresh rally from the $0.3120 support, similar to Bitcoin and Ethereum. DOGE was able to overcome the resistance at $0.3350 and $0.350. It even managed to break the $0.3880 level before correcting lower.
The lowest level has formed at USD 0.3750 and the price is currently rising. There was a move above the resistance at $0.380. Additionally, there was a break above the converging bearish trend line with resistance at $0.3825 on the hourly chart of the DOGE/USD pair.
The pair climbed above the 50% Fib retracement level in a move down from a high of $0.3986 to a low of $0.3750. Dogecoin price is currently trading above the $0.380 level and the 100-hour plain moving average.
Immediate upside resistance is located near the $0.3880 level or the 61.8% Fib retracement level for a downward move from a high of $0.3986 to a low of $0.3750. The first major resistance for bulls may be near the $0.3920 level.
The next major resistance is near the $0.40 level. A close above the $0.40 resistance could push the price towards the $0.420 resistance. Any further gains could push the price towards the $0.4380 level. The next major stop for bulls could be $0.450.
Another DOGE drop?
If the DOGE price does not rise above the $0.3880 level, another decline could begin. Initial downside support is near the $0.380 level. The next vital support is near the USD 0.3750 level.
The main support is located at USD 0.3650. If there is a break below the support at $0.3650, the price may decline further. In this case, the price may drop towards USD 0.350 or even USD 0.3420 in the brief term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – USD 0.380 and USD 0.3750.
Major resistance levels – $0.3880 and $0.3920.