Dogecoin has initiated a significant upward movement, surpassing the $0.350 level against the US Dollar. Currently, DOGE is in a consolidation phase but has the potential for further gains if it can break through the $0.3880 resistance level.
The price of Dogecoin has shown robust growth beginning from a low of $0.3120, similarly to trends observed in Bitcoin and Ethereum . It successfully overcame resistance levels at $0.3350 and $0.350 before experiencing a slight downward correction. A low of $0.3750 was established, and the price has recovered by moving past the $0.380 resistance.
Technical analysis indicates that Dogecoin is now positioned above key indicators, including the 100-hour simple moving average, and has crossed the 50% Fibonacci retracement level of the recent downward move. Immediate resistance is observed near $0.3880, which aligns with the 61.8% Fibonacci retracement level from the previous peak at $0.3986 to the low at $0.3750. If momentum continues, a breakout above $0.3920 will be critical for bullish sentiment.
Looking ahead, the next significant resistance lies around the $0.40 level. A closure beyond this point could propel Dogecoin toward the $0.420 mark, with potential increases reaching up to $0.4380 and ultimately aiming for the $0.450 target.
Conversely, failure to breach the $0.3880 resistance might trigger another decline. The initial support on the downside rests at $0.380, followed by a more substantial support level at $0.3750. The critical support holds at $0.3650; if breached, it could lead DOGE towards further declines, possibly reaching $0.350 or even $0.3420 in the short term.
Currently, the MACD indicator for DOGE/USD is indicating a loss in bearish momentum, while the Relative Strength Index is positioned above the neutral 50 level, suggesting a cautious optimism in market sentiment. Major support levels are identified at $0.380 and $0.3750, while the key resistance points remain at $0.3880 and $0.3920.
