Dogecoin (DOGE) Eyes Gigantic Break: $0.50 within reach

Dogecoin is gaining momentum above the $0.4250 support against the US dollar. DOGE is in a bullish zone and may soon break above the resistance at $0.50.

DOGE price has started a modern rally above the USD 0.440 level.
The price is above the $0.4350 level and the 100-hour straightforward moving average.
A key bullish trend line is forming on the hourly chart of DOGE/USD with support at $0.430 (data source from Kraken).
The price could begin another rally if it breaks through the $0.4600 and $0.4640 resistance levels.

Dogecoin price regains momentum

Dogecoin price has started a modern rally above $0.4150, similar to Bitcoin and Ethereum. DOGE was trading above the $0.4250 and $0.4400 resistance levels. The price has increased by over 5%, with the latest high being made at $0.4637.

The price is currently consolidating gains below the $0.450 level. There was a slight decline towards the $0.4450 and $0.4400 levels and a 23.6% Fib retracement level in the form of an upward move from the low of $0.3646 to the high of $0.4637.

Dogecoin price is currently trading above the $0.430 level and the 100-hour straightforward moving average. A key uptrend line is also forming on the hourly chart of DOGE/USD with support at $0.430.

Immediate upside resistance is located near the $0.4550 level. The first major resistance for bulls may be near the $0.46400 level. The next major resistance is near the $0.4720 level.

A close above the $0.4720 resistance could push the price towards the $0.4880 resistance. Any further gains could push the price towards the $0.5000 level. The next major stop for bulls could be $0.5200.

Correction of minuses in DOGE?

If the DOGE price does not rise above the $0.4500 level, another decline could begin. Initial downside support is near the $0.4400 level. The next major support is located near the $0.430 level and the trend line.

The main support is located at USD 0.4150. If there is a break below the support at $0.4150, the price may decline further. In the given case, the price may fall towards the level of USD 0.4000 or even USD 0.3800 in the low term.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in a bearish zone.

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

Major support levels – USD 0.4400 and USD 0.4300.

Major resistance levels – USD 0.4500 and USD 0.4640.