Dogecoin (DOGE) Eyes continues to consolidate above the $0.320 resistance level against the US Dollar. DOGE is holding its gains and is looking to make more gains above $0.400.
DOGE price has started consolidating like Bitcoin and is remaining above the $0.320 resistance level. Forex Mony
The price is trading near the $0.3750 level and the 100-hourly simple moving average.
There was a break above the major bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to rise if it surpasses the $0.400 and $0.4150 resistance levels.
Dogecoin price is heading towards a new high
Dogecoin price has started a consolidation phase above the $0.320 area 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 of the downward move from the $0.4342 high to $0.3400 low. There was also a break above a major bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading near the $0.3750 level and the 100-hour simple moving average. An immediate resistance on the upside is near the $0.3720 level.
The next major resistance is near the $0.3880 level or the 50% Fib retracement level of the downside move from the $0.4342 high to $0.3400 low. A close above the $0.3880 resistance could send the price towards the $0.400 resistance level. Further upside could send the price towards the $0.4200 level. The next major stop loss for the bulls could be the $0.500 level.
Is DOGE’s downside limited?
If DOGE price fails to rise above the $0.3720 level, it could start a downside correction. The initial support on the downside is near the $0.3650 level. The next major support is near the $0.3500 level.
The major support is at the $0.320 level. A break below the $0.320 support could lead the price to decline further. In the mentioned case, the price may decline towards the $0.300 level or even $0.2950 in the near future.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3650 and $0.3500.
Major Resistance Levels – $0.3720 and $0.3880.
