Dogecoin (DOGE) is showing renewed strength as it consolidates above the $0.380 resistance against the US Dollar. The cryptocurrency has maintained gains and is targeting higher levels above $0.400. Recent price movements include a break above the $0.3750 and the 100-hourly simple moving average.
A notable break occurred above a short-term contracting triangle with resistance at $0.390 on the DOGE/USD hourly chart. The possible trajectory suggests that if DOGE surpasses the $0.400 and $0.4080 resistance levels, a continued rally could emerge.
The recent price increase aligns with movements seen in Bitcoin and Ethereum. DOGE cleared the $0.3650 and $0.3750 resistance marks, and it surged above the 50% Fibonacci retracement level from the previous high of $0.4208.
Immediate resistance for DOGE is around $0.3950 or the 61.8% Fib retracement level. Key resistance points are $0.400 and $0.4080. A robust close above these could push the price toward $0.4200 to $0.4500, with the $0.500 mark as a future target.
If DOGE cannot break the $0.400 resistance, a downside correction is possible. Initial support lies at $0.3850, with further support levels at $0.3750 and $0.3550. A break below these may lead to declines toward $0.3200 or $0.300.
The technical indicators reveal bullish momentum. The hourly MACD for DOGE/USD is gaining traction, and the Relative Strength Index (RSI) is above 50, indicating bullish conditions. Major support levels are recorded at $0.3850 and $0.3750, while resistance levels are noted at $0.4000 and $0.4200.
