DOGEUSD +2.36% | BTCUSD +1.37%
Dogecoin (DOGE) has found support at $0.3050 and is rebounding against the US Dollar. The meme-inspired cryptocurrency is showing signs of recovery and may aim for further gains above $0.350.
Key Highlights:
DOGE price has started a steady climb above the $0.315 and $0.320 levels.
Currently, the price is hovering around $0.3320, aligning with the 100-hour simple moving average.
A key bearish trend line was broken, with resistance at $0.330 on the hourly DOGE/USD chart (data source: Kraken).
DOGE could extend its rally if it surpasses the $0.340 and $0.3480 resistance levels.
Dogecoin Price Targets Higher Levels
Unlike Bitcoin and Ethereum, Dogecoin faced a fresh decline after hitting resistance near $0.3850. It dropped below key support levels at $0.3500 and $0.3350, briefly touching a low of $0.3052.
However, DOGE has since rebounded, reclaiming over 50% of its losses from the $0.3599 swing high to the $0.3052 low. A break above a major bearish trend line at $0.330 suggests renewed bullish momentum.
Currently, DOGE is trading above $0.330 and the 100-hour moving average. The immediate resistance is at $0.3390, near the 61.8% Fibonacci retracement level of the recent decline.
The first major hurdle for bulls lies at $0.3480, followed by a key resistance at $0.3550. A successful close above $0.3550 could propel DOGE toward $0.3660. Further gains may drive the price to $0.3880, with the next bullish target potentially at $0.40.
Potential Pullback for DOGE?
If DOGE fails to break past $0.340, another decline may be on the horizon. Initial support is found near $0.3250, with a stronger safety net at $0.3150
Disclaimer
The information provided in this article is for informational and educational purposes only and should not be considered financial or investment advice. Cryptocurrency markets are highly volatile, and investing in digital assets carries significant risk. Always conduct your own research and consult with a qualified financial professional before making any investment decisions. The author and publisher are not responsible for any financial losses incurred based on the information provided.
