Dogecoin has seen a significant increase, surpassing the $0.320 resistance against the US Dollar, and is currently holding its gains while targeting further upward movements beyond $0.4180.
The cryptocurrency has mimicked the rally enjoyed by Bitcoin, managing to break through vital resistance levels like $0.350. Currently, Dogecoin is trading above $0.3650 and maintains its position above the 100-hourly simple moving average.
An important bullish trend line offers support at $0.3870, highlighting the potential for continued rallying if $0.400 and $0.4150 resistance levels are overcome. Successfully surpassing these could push the price towards $0.4320 and possibly $0.4500.
Technical analysis shows some signs indicating potential downside corrections if $0.4150 cannot be surpassed. Key support levels range from $0.3870 down to the main support at $0.3420, with further declines possible if these support levels are broken.
Technical indicators include a losing bullish momentum in the MACD for DOGE/USD and an RSI above the 50 level, suggesting an overall bullish trend but with possibilities of short-term corrections.
