Dogecoin has started a fresh rally above the $0.320 resistance against the US dollar. DOGE maintains its gains and expects further gains above USD 0.4180.
- DOGE price started a novel rally just like Bitcoin and climbed above the $0.350 resistance level.
- The price is above the $0.3650 level and the 100-hour elementary moving average.
- A key bullish trendline is forming on the hourly chart of DOGE/USD with support at $0.3870 (data source from 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 novel rally after breaking the $0.320 resistance level like Bitcoin and Ethereum. DOGE was able to accelerate the move above the $0.3800 and $0.400 resistance levels.
The pair even rose above $0.4200. The maximum was formed at USD 0.4342 and the price is currently correcting its increases. There was a move below the $0.40 level. The price fell below the 50% Fib retracement level in an upward move from a low of $0.3519 to a high of $0.4342.
However, bulls are lively near the USD 0.3850 zone. Dogecoin price is currently trading above the $0.3650 level and the 100-hour elementary moving average. A key uptrend line is also forming on the hourly chart of DOGE/USD with support at $0.3870. The trendline is near the 61.8% Fib retracement level, which represents an upward move from the low of $0.3519 to the high of $0.4342.
Immediate upside resistance is near the $0.400 level. The next major resistance is near the $0.4150 level. A close above the resistance at $0.4150 could send the price towards the resistance at $0.4320. Any further gains could push the price towards the $0.4500 level. The next major stop for bulls could be $0.4650.
Are dips supported in DOGE?
If the DOGE price does not rise above the $0.4150 level, it could start a downward correction. Initial downside support is located near the $0.3870 level and the trend line. The next vital support is near the USD 0.3715 level.
The main support is located at USD 0.3420. If there is a break below the support at $0.3420, the price may decline further. In this case, the price may drop towards the USD 0.3150 or even USD 0.300 level in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing 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 0.3870 and USD 0.3715.
Major resistance levels – USD 0.4000 and USD 0.4150.
