Dogecoin (DOGE) Shows Renewed Energy: Rally Incoming?

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As a seasoned crypto investor with a decade-long journey in this wild west of digital assets, I can confidently say that the current Dogecoin price action is promising. The break above the $0.3750 resistance and the consolidation above the $0.380 mark are encouraging signs. If we see a clearance of the $0.400 and $0.4080 resistance levels, it could be another leg up for DOGE, potentially pushing it towards the $0.4200 and even $0.500 levels.

Dogecoin has strengthened its position above the $0.380 barrier versus the U.S. dollar, with potential for further growth beyond $0.400 as it maintains its positive momentum.

  • DOGE price started a fresh increase above the $0.3750 resistance level.
  • The price is trading above the $0.3800 level and the 100-hourly simple moving average.
  • There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels.

Dogecoin Price Eyes More Upsides

The cost of Dogecoin has maintained stability above 0.350 USD, and more recently, it’s begun a new uptrend similar to Bitcoin and Ethereum. Notably, Dogecoin has surpassed the resistance levels at 0.3650 USD and 0.3750 USD.

The cost surpassed the 50% Fibonacci retracement point in the decline from the $0.4208 peak to the $0.3652 bottom, and it also broke above a brief triangular pattern on the hourly Dogecoin-to-USD chart with resistance at $0.390.

Currently, Dogecoin’s price is higher than $0.3750 and its short-term moving average. The next potential hurdle for a rise in price could be around $0.3950 or at a point that represents 61.8% of the downward move from the peak of $0.4208 to the trough of $0.3652.

The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500.

Are Dips Supported In DOGE?

As I closely monitor the Dogecoin market, if the price fails to surpass the $0.400 mark, it might trigger a correction moving downwards. Should that occur, potential support levels could be found around $0.3850 initially, with another significant support potentially appearing at $0.3750.

If the key level at $0.3550 gives way and drops below, it’s possible that the price will fall more, potentially reaching around $0.3200 or even dipping as low as $0.300 over the short term.

Technical Indicators

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

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

Major Support Levels – $0.3850 and $0.3750.

Major Resistance Levels – $0.4000 and $0.4200.

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2024-11-22 08:10