Dogecoin (DOGE) Gearing Up: Can It Overcome Resistance and Climb?

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Dogecoin is holding its ground above the $0.3650 support level versus the U.S. dollar. If Dogecoin manages to surpass the $0.400 resistance, it could potentially resume its upward trend.

  • DOGE price started a downside correction below the $0.420 level.
  • The price is trading below the $0.400 level and the 100-hourly simple moving average.
  • There is a key bearish trend line forming with resistance at $0.3920 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start another increase if it clears the $0.400 and $0.4100 resistance levels.

Dogecoin Price Eyes Fresh Increase

As a crypto investor, I’ve noticed that the Dogecoin price has taken a correction following Bitcoin and Ethereum, dipping below the $0.450 mark. The coin traded beneath significant support levels at $0.420 and $0.400, reaching a low of $0.3646. Currently, it seems like Dogecoin is stabilizing, trying to recuperate from the recent losses.

The price surpassed the $0.380 mark with a slight uptick. It touched the 23.6% Fibonacci retracement point from the peak at $0.4808 to the trough at $0.3646. Nevertheless, it appears that the sellers are quite active below the $0.40 mark.

Currently, Dogecoin’s price is higher than $0.40 and its 100-hour moving average. For further growth, there’s a potential hurdle around $0.3920. Moreover, a significant bearish trendline is forming on the hourly chart of DOGE/USD, with a resistance at that same level of $0.3920.

The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4220 level or the 50% Fib retracement level of the downward move from the $0.4808 swing high to the $0.3646 low.

If the price surpasses $0.4220, it could potentially rise to around $0.4520. Further increases may push the price up to the $0.4800 mark. The next significant target for buyers could be $0.500.

Another Decline In DOGE?

Should the value of DOGE not manage to surpass the $0.400 mark, there’s a chance it could initiate another drop. A potential floor in this scenario would be around $0.3780. The next significant support lies at approximately $0.3650 level.

The key level of resistance is currently at $0.3500. If the price falls below this point, it could potentially drop more, possibly reaching around $0.3200 or even $0.300 within a short period.

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 near the 50 level.

Major Support Levels – $0.3780 and $0.3650.

Major Resistance Levels – $0.4000 and $0.4220.

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2024-11-27 08:10