Can Dogecoin (DOGE) Overcome Resistance and Climb?

Dogecoin (DOGE) is currently working through some challenges as it hovers above the $0.3650 support against the US Dollar. The big question on everyone’s mind is whether DOGE can push past the $0.400 resistance.

Recently, the price of DOGE took a bit of a dip, falling below the $0.420 level. It’s currently trading below $0.400 as well as the 100-hourly simple moving average. On the hourly chart of the DOGE/USD pair, there is a noticeable bearish trend line forming with resistance at $0.3920.

Despite these setbacks, there is hope for an upward trend if DOGE can break through the $0.400 and $0.4100 resistance levels.

Looking at the bigger picture, Dogecoin’s price has been on a bit of a rollercoaster ride, dropping below $0.450 along with other major cryptocurrencies like Bitcoin and Ethereum. It dipped below $0.420 and $0.400 before hitting a low of $0.3646, where it has since stabilized.

The price experienced a slight uptick above $0.380, testing the 23.6% Fib retracement level from the recent high to the low. However, the bears seem to be holding strong below the $0.40 mark.

Currently, Dogecoin is trading above $0.40 and the 100-hourly simple moving average, with immediate resistance near $0.3920. A significant hurdle for the bulls lies around the $0.400 mark, followed by resistance at $0.4220.

If DOGE can break through these resistance levels, we may see the price head towards $0.4520 and even beyond, with $0.500 as a possible target for the bulls.

Conversely, if DOGE struggles to surpass $0.400, it could face another decline. Initial support is around $0.3780, with major support near $0.3650 and a critical support level at $0.3500. A break below $0.3500 could lead to further declines, possibly down to $0.3200 or even $0.300 in the near term.

In conclusion, the technical indicators are pointing to a critical moment for DOGE as it navigates these key resistance and support levels. Keep a close eye on the price movements to see if Dogecoin can break out of its current range and make a notable climb.