Dogecoin (DOGE) Eyes Big Break: $0.50 Within Reach

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As a seasoned crypto investor with years of market analysis under my belt, I find the recent surge in Dogecoin (DOGE) quite intriguing. Having witnessed the meme coin’s rollercoaster ride since its inception, I can confidently say that we are currently at an interesting juncture.

Dogecoin is showing signs of strength as it hovers above the $0.4250 barrier when compared to the U.S. dollar. At present, Dogecoin’s trajectory indicates it could potentially break through the $0.50 resistance level in the near future.

  • DOGE price started a fresh increase above the $0.440 level.
  • The price is trading above the $0.4350 level and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support at $0.430 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start another increase if it clears the $0.4600 and $0.4640 resistance levels.

Dogecoin Price Regains Momentum

Dogecoin’s price has recently surged past $0.4150, mirroring movements in Bitcoin and Ethereum. It has broken through the barriers at $0.4250 and $0.4400, and currently stands over 5% higher. The highest it has reached is $0.4637 so far.

Currently, the price is holding steady at prices slightly below the $0.450 mark. It dipped briefly towards $0.4450 and $0.4400, as well as reaching the 23.6% Fibonacci retracement level of the rally that started from the $0.3646 low and peaked at $0.4637.

The current Dogecoin price has moved beyond the $0.430 mark and lies above its 100-hour moving average, while a significant upward trendline is emerging at the same level ($0.430) on the hourly chart of Dogecoin versus USD. This suggests a potential bullish trend in progress.

Initially, a strong pushback might occur around $0.4550. If prices rise further, the initial significant barrier for buyers could appear at approximately $0.46400. A more substantial obstacle lies ahead at $0.4720.

Approaching a level slightly above $0.4720 could potentially push the price up to around $0.4880. Further growth may take it toward $0.5000. The bulls’ next significant target could be at $0.5200.

Downside Correction In DOGE?

If Dogecoin’s price doesn’t rise above $0.4500, it might trigger another drop. A potential floor for this descent could be around $0.4400. Beneath that, significant support is expected at approximately $0.430 and the trend line.

If the key support level at $0.4150 is breached, there’s a possibility for the price to drop significantly. This could potentially push the price down towards $0.4000, or possibly even as low as $0.3800 in the short term.

Technical Indicators

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

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

Major Support Levels – $0.4400 and $0.4300.

Major Resistance Levels – $0.4500 and $0.4640.

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2024-12-02 08:10