Dogecoin has recently risen above the 0.350 USD mark against the U.S. dollar. If Dogecoin manages to break through the 0.3880 resistance, it could potentially build momentum and continue its upward trend.
- DOGE price started a fresh increase above $0.350 and $0.3650.
- The price is trading above the $0.370 level and the 100-hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $0.3825 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain momentum if it clears the $0.3880 and $0.3920 resistance levels.
Dogecoin Price Holds Support
Dogecoin’s price experienced an upward movement from its support at around $0.3120, similar to Bitcoin and Ethereum. The price of DOGE managed to break through the resistance levels of $0.3350 and $0.350, and even surpassed $0.3880 before a temporary dip occurred.
As a crypto investor, I’ve noticed that the lowest point was hit at $0.3750, but now we’re seeing an uptrend. Notably, there was a surge past the previous resistance at $0.380. Additionally, there was a break above a bearish trend line with a resistance level at $0.3825 on the hourly Dogecoin-to-USD chart, which is quite encouraging.
The pair (presumably a trader or an asset) scaled beyond the halfway point, or the 50% Fibonacci retracement point, of the decline that started from the high of $0.3986 to the low of $0.3750. Currently, Dogecoin’s price is being traded above the $0.380 mark and also above its 100-hour moving average.
The potential for quick opposition when prices rise may occur around the $0.3880 mark, which is approximately 61.8% of the decline’s Fibonacci retracement from the peak at $0.3986 to the trough at $0.3750. A key resistance point for buyers might be found at around $0.3920.
Approaching levels of potential resistance lie around $0.40, a break above which could push the price up towards another resistance at $0.420. Further increases may take the price to around $0.4380. The bulls’ next significant target could be at $0.450.
Another Decline In DOGE?
If Dogecoin’s value doesn’t manage to surpass the $0.3880 mark, there’s a chance it might dip again. The first potential floor for this drop could be at around $0.380. If it continues falling, the next significant support level is at $0.3750.
The crucial point where the price is most likely to hold steady is at approximately $0.3650. If this support gets breached and the price drops below it, there’s a possibility that the price will continue to fall. In such a scenario, the price may dip towards around $0.350 or even potentially reach $0.3420 in the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.380 and $0.3750.
Major Resistance Levels – $0.3880 and $0.3920.
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2025-01-06 10:16