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Dogecoin (DOGE) Bounces Back: Is a New Rally Brewing?

NewsBTCDec 5, 2024 5:13 AM

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Dogecoin is gaining pace above the $0.4250 support against the US Dollar. DOGE is trading in a bullish zone and might soon surpass the $0.4650 resistance.

DOGE price started a fresh increase above the $0.420 level.
The price is trading above the $0.4250 level and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $0.4150 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start another rally if it clears the $0.450 and $0.4650 resistance levels.

Dogecoin Price Regains Momentum

Dogecoin price started a fresh increase above $0.410 like Bitcoin and Ethereum. DOGE traded above the $0.4200 and $0.4250 resistance levels.

There was a break above a key bearish trend line with resistance at $0.4150 on the hourly chart of the DOGE/USD pair. The bulls even pushed the price above the 50% Fib retracement level of the downward move from the $0.4637 swing high to the $0.3878 low.

Dogecoin price is now trading above the $0.420 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.4450 level. It is near the 76.4% Fib retracement level of the downward move from the $0.4637 swing high to the $0.3878 low.

The first major resistance for the bulls could be near the $0.450 level. The next major resistance is near the $0.4650 level. A close above the $0.4650 resistance might send the price toward the $0.4750 resistance. Any more gains might send the price toward the $0.5000 level. The next major stop for the bulls might be $0.5200.

Downside Correction In DOGE?

If DOGE’s price fails to climb above the $0.4450 level, it could start another decline. Initial support on the downside is near the $0.4250 level. The next major support is near the $0.4120 level.

The main support sits at $0.400. If there is a downside break below the $0.400 support, the price could decline further. In the stated case, the price might decline toward the $0.3880 level or even $0.3750 in the near term.

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 – $0.4250 and $0.4120.

Major Resistance Levels – $0.4450 and $0.4650.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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