Can Dogecoin (DOGE) Overcome Resistance and Climb?
Dogecoin is currently holding steady above the $0.3650 support level against the US Dollar. If DOGE can break through the $0.400 resistance, it could see another round of gains.
Recently, DOGE experienced a slight downward correction, dipping below the $0.420 mark. Currently, it is trading under both $0.400 and the 100-hourly simple moving average. On the hourly chart of the DOGE/USD pair, a bearish trend line with resistance at $0.3920 has formed.
For DOGE to resume its upward trajectory, it will need to surpass the $0.400 and $0.4100 resistance levels. As of now, the price is hovering above the $0.40 mark and the 100-hourly simple moving average. Immediate resistance is expected at around $0.3920, with a significant bearish trend line forming at the same level.
If buyers push past the $0.400 hurdle, the next challenges lie at $0.4220 or the 50% Fib retracement level. A breakthrough above $0.4220 could propel the price towards the $0.4520 resistance, setting the stage for further gains up to the $0.4800 level.
On the flip side, a failure to breach the $0.400 level may lead to a new downtrend. Initial support can be found near $0.3780, followed by a more substantial support level near $0.3650. The primary support zone is around $0.3500, and a breakdown below this level could trigger even more significant declines, potentially driving the price down to $0.3200 or even $0.300.
In summary, the path ahead for Dogecoin remains dependent on its ability to overcome key resistance levels and maintain support at crucial junctures. Technical indicators suggest a possible range of outcomes based on current price action.
