Dogecoin (DOGE) Signals New Upside Move: Can Bulls Take Charge?

Dogecoin found support at $0.3050 and recovered some losses against the US Dollar. DOGE is now rising and might aim for more gains above $0.350.

• DOGE price started a decent increase above the $0.315 and $0.320 levels.
• The price is trading near the $0.3320 level and the 100-hourly simple moving average.
• There was a break above a major bearish trend line with resistance at $0.330 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could start another increase if it clears the $0.340 and $0.3480 resistance levels.

Dogecoin Price Aims Higher

Dogecoin price started a fresh decline from the $0.3850 resistance zone, unlike Bitcoin and Ethereum. DOGE dipped below the $0.3500 and $0.3350 support levels. It even spiked below $0.320.

A low was formed at $0.3052 and the price is now rising above the 50% Fib retracement level of the downward move from the $0.3599 swing high to the $0.3052 low. There was a break above a major bearish trend line with resistance at $0.330 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.330 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3390 level and 61.8% Fib retracement level of the downward move from the $0.3599 swing high to the $0.3052 low.

The first major resistance for the bulls could be near the $0.3480 level. The next major resistance is near the $0.3550 level. A close above the $0.3550 resistance might send the price toward the $0.3660 resistance. Any more gains might send the price toward the $0.3880 level. The next major stop for the bulls might be $0.40.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.340 level, it could start another decline. Initial support on the downside is near the $0.3250 level. The next major support is near the $0.3150 level.

The main support sits at $0.3150. If there is a downside break below the $0.3150 support, the price could decline further. In the stated case, the price might decline toward the $0.3020 level or even $0.300 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.3250 and $0.3150.

Major Resistance Levels – $0.3400 and $0.3480.