Dogecoin is consolidating gains above the $0.380 resistance against the US dollar. DOGE maintains gains and expects further gains above $0.400.
- DOGE price has started a fresh rally above the $0.3750 resistance level.
- The price is above the $0.3800 level and the 100-hour basic moving average.
- On the hourly chart, the DOGE/USD pair broke out above the short-term contract triangle with resistance at USD 0.390 (data source Kraken).
- The price may continue to rise if it breaks the $0.400 and $0.4080 resistance levels.
Dogecoin price has more advantages
Dogecoin price has been holding above the $0.350 level and has recently started a fresh rally along with Bitcoin and Ethereum. DOGE was able to overcome the $0.3650 and $0.3750 resistance levels.
The price rose above the 50% Fib retracement level in a move down from a high of $0.4208 to a low of $0.3652. Additionally, there was a break above the short-term contract triangle with resistance at USD 0.390 on the hourly chart of the DOGE/USD pair.
Dogecoin price is currently trading above the $0.3750 level and the 100-hour basic moving average. Immediate upside resistance is located near the $0.3950 level or the 61.8% Fib retracement level for a downward move from a high of $0.4208 to a low of $0.3652.
The first major resistance for bulls may be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the resistance at $0.4080 could push the price towards the resistance at $0.4200. Any further gains could push the price towards the $0.4500 level. The next major stop for bulls could be $0.500.
Are dips supported in DOGE?
If the DOGE price does not rise above the $0.400 level, it could start a downward correction. Initial downside support is near the $0.3850 level. The next essential support is near the USD 0.3750 level.
The main support is located at USD 0.3550. If there is a break below the support at $0.3550, the price may decline further. In this case, the price may drop towards the USD 0.3200 or even USD 0.300 level 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 0.3850 and USD 0.3750.
Major resistance levels – USD 0.4000 and USD 0.4200.
