Dogecoin (DOGE) Price Rises Steadily, Might Climb Further If It Clears the $0.3650 Resistance

Dogecoin price started a fresh increase after it cleared the $0.320 resistance zone

Dogecoin price started a fresh increase above the $0.3420 and $0.350 levels against the US Dollar. DOGE is now consolidating and might climb further if it clears the $0.3650 resistance.

Dogecoin price started a new increase above $0.3420 and $0.350 against the US Dollar.

DOGE is showing positive signs and might continue to rise if it clears the $0.3650 resistance.

Any further gains could lead the price toward the $0.3920, $0.40 and $0.420 levels.

Dogecoin Price Shows Positive Signs

Dogecoin price recovered well from the recent lows and it recently cleared several resistances. After a strong increase, DOGE price settled above the $0.320 resistance zone, as we predicted yesterday.

The price was even able to clear the $0.3420 and $0.350 resistance levels. Moreover, there was a break above a connecting bearish trend line with resistance at $0.3350 on the hourly chart of the DOGE/USD pair. The pair surpassed the 76.4% Fib retracement level of the downward move from the $0.3478 swing high to the $0.3096 low.

On the 4-hours chart, the pair found support above the 100 simple moving average (SMA) and the 1.236 Fib extension level of the downward move from the $0.3478 swing high to the $0.3096 low.

Now, the price is trading above the $0.350 level and the 100-hourly simple moving average. It is also above the 1.236 Fib extension level, suggesting that the recent decline from the $0.3920 might be coming to an end.

Immediate resistance on the upside is near the $0.3650 level. The first major resistance for the bulls could be near the $0.3720 level. The next major resistance is near the $0.380 level. A close above the $0.380 resistance might send the price toward the $0.3920 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.420.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.3650 level, it could start another decline. Initial support on the downside is near the $0.3550 level. The next major support is near the $0.3460 level.

The main support sits at $0.3380. If there is a downside break below the $0.3380 support, the price could decline further. In the stated case, the price might decline toward the $0.3120 level or even $0.3080 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 – $0.3550 and $0.3460.

Major Resistance Levels – $0.3650 and $0.3800