Dogecoin Eyes New Surge Towards $0.40: Price Analysis

Dogecoin eyes news surge towards $0.40 after starting a fresh increase from the $0.2500 support against the US dollar as we can see more in our latest Dogecoin news today.

DOGEcoin eyes new surge and is rising and the bulls are going for an upside break above the $0.3500 resistance while the coin holds strong the ground above the $0.2800 level against the US dollar. The price is now trading nicely above the $0.300 support and the 100 simple moving average with the major bullish trend line forming with the support at $0.2950 on the 4-hour charts of the pair that will start a strong rally once it manages to clear the $0.3350 and the $0.3500 resistance level.

After forming a new base above the $0.200 and the $0.2200 level, DOGE started a new increase similar to ETH and broke a few major hurdles near the $0.300 level. DOGE even settled above the $0.3000 support and the 100 simple moving average and spiked towards the $0.3500 level where the bears took quite the stand. A new high was then formed near $0.3455 before the price went on a downside correction.

There was a new break below the $0.3200 support zone and the price dropped below the 23.6% fib retracement level from the recent surge of the $0.2562 swing low to $0.4355 high. However, the bulls remained active near these zones and found support near the 50% fib retracement level from the recent surge of $0.2562 low to $0.3455 high. More importantly, there is a major bullish trend line forming with the support at $0.2950 on the 4-hour charts. The DOGE price is getting to an immediate resistance near the $0.3320 level and the main resistance is still near the $0.3500 level. Breaking above these levels could send the price towards the $0.4000 level in the near term.

If DOGE’s price fails to continue higher, there could be a fresh decline and the first key support will be near the $0.3200 level. The next major support is close to the $0.300 level and the bullish trend line with more losses could perhaps open the doors for a move towards the $0.2500 support zone. The 4-hour MACD for the pair is gaining momentum in the bullish zone and the 4-hour RSI for the pair is above the 50 levels. The major support levels include $0.3200 and $0.300 level.