Dogecoin (DOGE) Finds Its Footing: Bulls Regain Traction

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Dogecoin has recently surged past the $0.350 mark versus the U.S. dollar, and if it can break through the $0.3650 barrier, it may continue to rise.

  • DOGE price started a fresh increase above $0.3420 and $0.350.
  • The price is trading above the $0.350 level and the 100-hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could continue to rise if it clears the $0.3650 and $0.3720 resistance levels.

Dogecoin Price Rises Steadily

The value of Dogecoin began a new upward trend following its successful breakthrough over the $0.320 barrier, much like Bitcoin and Ethereum. Dogecoin subsequently surpassed the resistance points at $0.3420 and $0.350.

Additionally, there was a break above a bearish trend line, which offered resistance at approximately $0.3350 on the hourly chart for the Dogecoin (DOGE) and US Dollar (USD) pair. The pair exceeded the 76.4% Fibonacci retracement level of the downward movement from the $0.3478 peak to the $0.3096 trough.

Currently, Dogecoin’s price is higher than $0.350 and its 100-hour moving average, and it also surpasses a significant Fibonacci extension level of approximately 1.236 from the downward trend between the high at $0.3478 and low at $0.3096.

Initially, you may encounter strong opposition around the $0.3650 mark as potential buyers pause. The initial significant barrier for further growth could lie at approximately $0.3720. After that, resistance could be encountered near $0.380. Breaking through this level might propel the price towards the next potential hurdle at $0.3920. Any additional gains may then push the price closer to $0.40. The bulls’ next major goal might be $0.420.

Another Decline In DOGE?

If Dogecoin’s value doesn’t manage to surge beyond $0.3650, there’s a possibility it could initiate another drop. A potential floor in this scenario would be around $0.3550. Should that support fail, the next significant support lies at approximately $0.3460 level.

If the price falls below the significant support at $0.3380, it’s likely to drop more. Potential targets for a further decline could be around $0.3120 or even $0.3080 in the immediate future.

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 – $0.3550 and $0.3460.

Major Resistance Levels – $0.3650 and $0.3800.

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2025-01-15 08:10