Dogecoin experienced a rebound after finding support at $0.3050 against the US Dollar, showing signs of potential further gains above $0.350.
- The price of DOGE initiated a positive movement surpassing levels of $0.315 and $0.320.
- Currently, the price hovers around the $0.3320 mark alongside the 100-hourly simple moving average.
- On the hourly chart of the DOGE/USD pair, a significant breakthrough occurred with a resistant bearish trend line at $0.330 (data sourced from Kraken).
- If the price manages to clear resistance levels at $0.340 and $0.3480, it could see another uptrend.
Positive Momentum for Dogecoin
After facing resistance at $0.3850, unlike Bitcoin and Ethereum, Dogecoin witnessed a downturn below the $0.3500 and $0.3350 support levels, even dropping below $0.320.
Following a low point at $0.3052, the price is now climbing above the 50% Fib retracement level from the recent downward swing. A notable breakthrough occurred with a major bearish trend line at $0.330 on the hourly chart of DOGE/USD.
Currently, Dogecoin’s price is trading above $0.330 and the 100-hourly simple moving average. Immediate resistance lies around $0.3390, closely followed by the 61.8% Fib retracement level.
For bullish investors, key resistance levels stand at $0.3480 and $0.3550, with a potential push towards $0.3660 upon breaking the $0.3550 mark. Further gains could target $0.3880 and eventually reach $0.40.
Potential Reversal for DOGE
If DOGE fails to exceed the $0.340 level, a downward trend might commence. Initial support rests at $0.3250, followed by a significant support level at $0.3150.
The critical support level remains at $0.3150. A breach beneath this could trigger a further decline towards $0.3020 or even $0.300 shortly.
Technical Insights:
Hourly MACD – The MACD for DOGE/USD indicates a bullish momentum shift.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD surpasses the 50 level, showcasing positive momentum.
Key Support Levels – $0.3250 and $0.3150.
Key Resistance Levels – $0.3400 and $0.3480.
