Dogecoin is currently showing positive momentum, trading above the crucial support level of $0.4250 against the US Dollar. The cryptocurrency is firmly in a bullish phase and may soon break through the resistance at the $0.50 mark.
Recently, Dogecoin’s price has increased significantly, climbing above $0.440. It is now trading well above $0.4350 and the 100-hourly simple moving average, indicating a healthy trend. Additionally, a key bullish trend line is forming, providing support around $0.430 on the hourly chart for the DOGE/USD pair. If the price can successfully breach resistance levels at $0.4600 and $0.4640, this upward trajectory could continue.
The price surge followed a similar pattern to major cryptocurrencies like Bitcoin and Ethereum , with Dogecoin rising above resistance levels at $0.4250 and $0.4400. This increase translates to over a 5% gain, peaking recently at $0.4637. Currently, the price is consolidating beneath the $0.450 level, with minor retracements toward $0.4450 and $0.4400 noted. The current price holds above $0.430, bolstered by the 100-hourly simple moving average.
Immediate resistance for Dogecoin lies near $0.4550, with a critical hurdle at $0.4640. Should the price push past this level, it may extend towards $0.4720. A sustained close above $0.4720 could open the door to further gains, targeting $0.4880 and potentially reaching $0.5000, with an ultimate target of $0.5200.
Conversely, if Dogecoin struggles to move past the $0.4500 resistance, a downward correction could be in the works. The initial support on the downside is at $0.4400, followed by significant support at the $0.430 level. A break below $0.4150 could lead to further declines, with potential targets at $0.4000 and even $0.3800 in the near term.
Technical indicators are revealing mixed signals, with the MACD for DOGE/USD gaining momentum in the bearish zone while the RSI remains above the neutral 50 level, suggesting continued volatility in the market. Major support levels are positioned at $0.4400 and $0.4300, while resistance levels stand at $0.4500 and $0.4640.
