Dogecoin (DOGE) Loses $0.50 Again: Is There a Modern Growth on the Horizon?

Dogecoin is consolidating gains above the $0.320 resistance against the US dollar. DOGE maintains its gains and expects further gains above USD 0.400.

DOGE price started consolidating similarly to Bitcoin and stayed above the $0.320 resistance level.
The price is trading near the $0.3750 level and the 100-hour straightforward moving average.
On the hourly chart, the DOGE/USD pair broke above the key bearish trend line with resistance at $0.3670 (data source Kraken).
The price may continue to rise if it breaks the $0.400 and $0.4150 resistance levels.

Dogecoin price is seeing a fresh surge

Dogecoin price has started a consolidation phase above the $0.320 zone, just like Bitcoin and Ethereum. DOGE has formed a base above $0.350 and is currently rising.

There was a move above the $0.3550 and $0.3620 resistance levels. The price rose above the 23.6% Fib retracement level in a move down from a high of $0.4342 to a low of $0.3400. There was also a break above the key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair.

Dogecoin price is currently trading near the $0.3750 level and the 100-hour straightforward moving average. Immediate upside resistance is located near the $0.3720 level.

The next major resistance is located near the $0.3880 level or the 50% Fib retracement level in a move down from the high of $0.4342 to the low of $0.3400. A close above the resistance at $0.3880 could push the price towards the resistance at $0.400. Any further gains could push the price towards the $0.4200 level. The next major stop for bulls could be $0.500.

Are dips circumscribed at DOGE?

If the DOGE price does not rise above the $0.3720 level, it could start a downward correction. Initial downside support is near the $0.3650 level. The next critical support is near the USD 0.3500 level.

The main support is located at USD 0.320. If there is a break below the support at $0.320, the price may decline further. In this case, the price may drop towards the USD 0.300 level or even USD 0.2950 in the near future.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish zone.

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

Major support levels – USD 0.3650 and USD 0.3500.

Major resistance levels – $0.3720 and $0.3880.