Dogecoin has initiated a fresh uptrend above the $0.350 mark against the US Dollar. Currently, DOGE is consolidating and could see an upward movement if it surpasses the $0.3880 resistance level.

DOGE’s price has surged above $0.350 and $0.3650.
The price is currently trading above $0.370 and the 100-hourly simple moving average.
On the hourly chart of DOGE/USD pair sourced from Kraken, there was a breakout above a bearish trend line with resistance at $0.3825.
If the price manages to clear the $0.3880 and $0.3920 resistance levels, it could gain momentum.

Dogecoin Price Maintains Support

Starting from the $0.3120 support level, Dogecoin’s price has surged upwards, similar to Bitcoin and Ethereum. Surpassing the $0.3350 and $0.350 resistances, DOGE reached $0.3880 before experiencing a minor correction.

After forming a low at $0.3750, the price has started to rise again. It broke through the $0.380 resistance and a bearish trend line with resistance at $0.3825 on the hourly chart of DOGE/USD pair.

Currently trading above $0.380 and the 100-hourly simple moving average, Dogecoin’s price faces immediate resistance near the $0.3880 level. The next major hurdle lies at $0.3920.

For the bulls, breaking above $0.40 could pave the way for reaching $0.420 and potentially even $0.4380 before targeting $0.450.

Potential Downtrend In DOGE?

If DOGE fails to break above $0.3880, it might experience another downtrend. Initial support can be found near $0.380, with a major support level at $0.3750.

In case of a downside break below $0.3650, the price could decline towards $0.350 or even $0.3420 in the short term.

Technical Indicators

Hourly MACD – Currently showing signs of losing momentum in the bearish zone for DOGE/USD.

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

Key Support Levels – $0.380 and $0.3750.

Key Resistance Levels – $0.3880 and $0.3920.

The post Dogecoin (DOGE) bulls show strength as momentum grows for upcoming surge appeared first on Crypto Breaking News.

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Filed under: News - @ January 6, 2025 7:20 am