Dogecoin is securing gains against the US dollar over the resistance level of $0.320. With gains in hand, DOGE is looking for further gains above $0.400.
Source: Bitcoinist
Key Highlights:
- The price action of Dogecoin shows an astounding 300% increase in just three months.
- Like Bitcoin, the price of DOGE consolidated and maintained its position above the resistance level of $0.320.
- The price is currently trading close to the 100-hourly simple moving average and the $0.3750 mark.
- By the end of November, if the surge holds over $0.3463 this week, it may move toward the psychological $0.50 milestone.
The Dogecoin price surge is gathering traction, with a new 52-week high of $0.4389, last touched in May 2021. Dogecoin’s market cap hits $53 billion, accounting for roughly half of the meme coin’s market capitalization of $110 billion.
But when Bitcoin declines, the price of DOGE also somewhat declines. Will this decline lead to a bearish turnabout in the largest meme coin?
Dogecoin Price Expects New Increase
Like Bitcoin and Ethereum, Dogecoin’s price began a period of consolidation above the $0.320 mark. DOGE is now gaining after forming a base at $0.350.
The resistance levels of $0.3550 and $0.3620 were surpassed. The price rose beyond the 23.6% Fib retracement level of the decline from the swing high of $0.4342 to the low of $0.3400. The hourly chart of the DOGE/USD pair also showed a break over a significant negative trend line, with resistance at $0.3670.
Dogecoin’s price is currently hovering at $0.3750 and the 100-hourly simple moving average. On the upside, immediate resistance is found near $0.3720.
The next key resistance level is around $0.3880, representing the 50% Fib retracement of the decline from the $0.4342 swing high to the $0.3400 low. A closing over the $0.3880 resistance could push the stock towards the $0.400 obstacle. Any further advances could propel the price towards the $0.4200 mark. The next major stop for the bulls might be $0.500.
Are there any limits on DOGE dips?
DOGE’s price may begin a downward correction if it cannot rise above the $0.3720 mark. The $0.3650 mark is the first downward support. The $0.3500 level is close to the next significant support.
At $0.320, the primary support is located. The price may drop even more if there is a bearish break below the $0.320 support. In the aforementioned scenario, the price may soon drop to the $0.300 mark or possibly $0.2950.
