Dogecoin has recently experienced significant fluctuations, dropping near the $0.2620 support level against the US dollar. However, the cryptocurrency has begun to show signs of recovery, trading above the $0.30 level and gaining traction. A crucial resistance level to monitor is at $0.3350, which, if surpassed, may lead to further upward momentum.
The price of Dogecoin faced a notable decline from levels above $0.3550, aligning with trends seen in major cryptocurrencies like Bitcoin and Ethereum . It fell below key support zones at $0.3350 and $0.320, even dipping as low as $0.2613 before attempting a rebound. As of now, Dogecoin has regained some of its lost ground, breaking above the 23.6% Fibonacci retracement level of its downward trend.
The recent upward movement included a break above a bearish trend line that was acting as resistance near the $0.3120 level. Presently, Dogecoin is trading above the $0.320 level and the 100-hourly simple moving average, suggesting a potential continuation of the recovery. The immediate resistance lies near $0.3350, with further key resistance identified around the $0.3520 level and the 61.8% Fibonacci retracement level.
Looking ahead, if Dogecoin can surmount the $0.3750 resistance, it may push toward the $0.3880 level, with $0.40 being a significant target thereafter. However, if the price fails to break above the $0.3350 mark, it may retreat once more, with initial support forming around $0.30 and further significant support at $0.2850 and $0.2620. In the event of a drop below the $0.2620 level, the price could potentially decline further to around $0.250 or even $0.2320.
Technical indicators appear favorable for Dogecoin, with the hourly MACD showing bullish momentum and the RSI positioned above the neutral mark. Current major support levels stand at $0.3000 and $0.2850, while the resistance on the upside is concentrated at $0.3350 and $0.3500.
