Dogecoin Price Eyes Fresh Surge

Dogecoin price started a consolidating phase above the $0.320 zone like Bitcoin and Ethereum. DOGE formed a base above $0.350 and is currently rising.

Dogecoin (DOGE) price is consolidating gains above the $0.320 zone against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.

Dogecoin price started a consolidating phase above the $0.320 zone like Bitcoin and Ethereum. As reported, the coin price dropped sharply below the $0.320 support. However, there were buyers near the stated level that initiated a strong recovery.

The coin price formed a base above the $0.350 zone and is currently rising. There was a move above the $0.3550 and $0.3620 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low.

There was also a break above a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair. The stated line is forming with the recent tops and played a role in the recent declines from the $0.4342 swing high.

Dogecoin price is now trading near the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3720 level.

The next major resistance is near the $0.3880 level or the 50% Fib retracement level of the downward move from the $0.4342 swing high to the $0.3400 low. A close above the $0.3880 resistance might send the price toward the $0.400 resistance.

Any more gains might send the price toward the $0.4200 level. The next major stop for the bulls might be $0.500.

Are Dips Limited In DOGE?

If DOGE’s price fails to climb above the $0.3720 level, it could start a downside correction. Initial support on the downside is near the $0.3650 level.

The next major support is near the $0.3500 level. The main support sits at $0.320. If there is a downside break below the $0.320 support, the price could decline further.

In the stated case, the price might decline toward the $0.300 level or even $0.2950 in the near term.

The coin price is likely to face many hurdles on the upside. However, if the bulls manage to clear the stated hurdles, the price might rise sharply in the coming sessions.

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 – $0.3650 and $0.3500.

Major Resistance Levels – $0.3720 and $0.3880.