Dogecoin, the popular meme-inspired cryptocurrency, is making significant strides as it pushes past the crucial $0.120 resistance zone against the US Dollar. The digital currency is displaying encouraging signs of upward momentum and could potentially overcome the $0.1280 resistance barrier.
- DOGE’s price initiated a notable rise above the $0.1200 resistance level.
- The price is currently trading above $0.1220, maintaining its position above the 100-hourly simple moving average.
- A breakthrough occurred above a significant declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data source: Kraken).
- The price might gain further bullish strength if it successfully clears the $0.1250 and $0.1280 resistance levels.
Dogecoin Price Regains Traction
In recent trading sessions, Dogecoin’s price has embarked on a fresh upward trajectory, breaking past the $0.1100 resistance zone. This surge has enabled DOGE to outperform major cryptocurrencies like Bitcoin and Ethereum, driving it beyond the $0.1200 resistance milestone. Additionally, DOGE has managed to surpass the $0.1250 and $0.1265 resistance thresholds.
During this positive movement, DOGE/USD saw a significant break above a declining channel, encountering resistance at $0.1170 on the hourly chart. The pair reached a peak at $0.1297, subsequently experiencing a minor pullback.
The price temporarily dipped below the $0.1265 level, trading under the 23.6% Fibonacci retracement level of the upward move from the $0.1101 swing low to the $0.1297 high. Currently, Dogecoin is trading above the $0.1200 mark and the 100-hourly simple moving average, indicating sustained upward momentum.
Potential Upside Targets for Dogecoin
Immediate resistance is anticipated near the $0.1280 level, with the next significant barrier around $0.1300. Achieving a close above this resistance could propel the price towards the $0.1320 level. Continued upward momentum might see the price advancing to $0.1350, with the bulls potentially targeting $0.1400 as the next major milestone.
Are Dips Supported In DOGE?
Should DOGE’s price struggle to clear the $0.1280 level, a potential decline could ensue. Initial support is positioned around the $0.1235 level, with further backing near $0.1200 and the 50% Fibonacci retracement level of the upward move from $0.1101 to $0.1297.
The primary support is anchored at $0.1175. A breach below this level could result in a deeper decline, with prices potentially sliding towards $0.1150 or even $0.1120 in the short term.
Technical Indicators
- Hourly MACD: The MACD for DOGE/USD is gaining momentum and remains in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is currently above the 50 level, indicating a bullish sentiment.
- Major Support Levels: $0.1235 and $0.1200.
- Major Resistance Levels: $0.1280 and $0.1300.
In conclusion, Dogecoin is showing promising signs of further growth, with potential to reach higher resistance levels. Investors and traders should keep a close eye on key support and resistance zones, as they will play a crucial role in determining DOGE’s price trajectory in the coming days.
