Dogecoin has initiated a notable rise, breaking through the $0.320 resistance level against the US Dollar. The cryptocurrency is maintaining its gains and targeting further advancement beyond the $0.4180 threshold.
In parallel to Bitcoin, Dogecoin’s price has surged above the $0.350 resistance mark. The digital coin is currently trading above the $0.3650 level and the 100-hourly simple moving average. Notably, a critical bullish trend line has emerged with support positioned at $0.3870 on the hourly chart of the DOGE/USD pair.
The ongoing rally could persist if Dogecoin manages to surpass the critical resistance levels of $0.400 and $0.4150. Following the initial surge, DOGE successfully ascended past the significant resistance levels of $0.3800 and $0.400, reaching an apex of $0.4342. But, the price is currently undergoing a correction, dipping below the $0.40 level and the 50% Fib retracement mark of the upward move from $0.3519 to $0.4342.
Despite this correction, bullish activity remains robust around the $0.3850 zone. Dogecoin is holding steady above both the $0.3650 level and the 100-hourly simple moving average. Additionally, the bullish trend line at $0.3870 aligns closely with the 61.8% Fib retracement level of the preceding upward move, providing substantial support.
Resistance on the upside is immediately identified near the $0.400 mark, with another significant resistance at $0.4150. A breakthrough above this resistance may propel the price towards the $0.4320 level, and further gains might lead DOGE to $0.4500 or even $0.4650.
Conversely, if Dogecoin fails to overcome the $0.4150 barrier, a downward correction could ensue. Initial downside support is located at the $0.3870 level along the trend line, with subsequent support near $0.3715. The principal support is established at $0.3420. Should there be a significant break below this level, the price could decline further, potentially reaching the $0.3150 or even the $0.300 mark in the near term.
Technical indicators suggest varied signals. The hourly MACD for DOGE/USD is currently losing pace within the bullish territory. Meanwhile, the hourly RSI (Relative Strength Index) for DOGE/USD remains positioned above the 50 level, indicating continued positive momentum. Key support levels are identified at $0.3870 and $0.3715, with major resistance levels at $0.4000 and $0.4150.
