As a seasoned analyst with over two decades of experience in the financial markets, I can confidently say that the current trend for Dogecoin (DOGE) is bullish, and it’s showing signs of strong momentum above the $0.4250 support against the US Dollar.
Dogecoin is picking up speed as it hovers above the $0.4250 barrier when compared to the U.S. dollar. Currently, Dogecoin’s trade suggests a positive trend, potentially breaking through the $0.4650 hurdle soon.
- DOGE price started a fresh increase above the $0.420 level.
- The price is trading above the $0.4250 level and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $0.4150 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another rally if it clears the $0.450 and $0.4650 resistance levels.
Dogecoin Price Regains Momentum
The price of Dogecoin surged past $0.410, mirroring the upward trend seen in both Bitcoin and Ethereum. Notably, Dogecoin’s value exceeded previous resistance levels at $0.4200 and $0.4250.
On the hourly Dogecoin-to-US dollar chart, there was a significant leap surpassing a major bearish trend line with a resistance at $0.4150. Furthermore, the upward momentum propelled the price beyond the 50% Fibonacci retracement level of the downward trajectory from the peak at $0.4637 to the trough at $0.3878.
Currently, Dogecoin’s price has surpassed the $0.420 mark and is also above its 100-hour moving average. The next significant barrier for an upward trend lies around $0.4450. This level aligns with approximately 76.4% of the total pullback from the peak at $0.4637 to the trough at $0.3878.
Initially, the bulls may encounter significant obstacles around the $0.450 mark. Following this, another potential barrier is at $0.4650. If the price manages to surpass the resistance at $0.4650, it might push the price further upwards toward the $0.4750 resistance. Further gains could potentially propel the price towards the $0.5000 level. The bulls’ next significant target might be located at $0.5200.
Downside Correction In DOGE?
If Dogecoin’s value doesn’t manage to surpass the $0.4450 mark, it might initiate another drop. A potential floor in this case would be around $0.4250. The next significant support lies at approximately $0.4120 level.
The significant level of resistance can be found at $0.400. If this level is broken on the downside, the price may drop significantly. In such a scenario, it could potentially fall to around $0.3880 or even $0.3750 in 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 – $0.4250 and $0.4120.
Major Resistance Levels – $0.4450 and $0.4650.
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2024-12-05 08:10