Dogecoin (DOGE) has experienced a significant increase, rising over 20% and currently trading above the crucial $0.1650 support zone against the US Dollar. For this upward momentum to continue, DOGE must overcome the resistance at $0.1780.
- DOGE price initiated a notable surge above the $0.1500 resistance level.
- The current price is trading above the $0.1650 mark and the 100-hourly simple moving average.
- A prominent bullish trend line is developing, with support located at $0.1715 on the hourly chart of the DOGE/USD pair (data source: Kraken).
- The potential for further price increases exists if DOGE surpasses the $0.1780 and $0.1800 resistance levels.
Dogecoin Price Eyes Further Upside
Dogecoin’s price has embarked on a fresh upward trajectory, breaking through the $0.1450 and $0.150 resistance levels. This impressive rally has seen DOGE outpace both Bitcoin and Ethereum, gaining over 20% in value. The bullish momentum successfully propelled the price above the $0.1650 resistance point.
A peak was reached at $0.1796, and the price is now in a phase of consolidation, maintaining its gains above the $0.1720 level. A key bullish trend line is forming, providing support at $0.1715 on the hourly chart for the DOGE/USD pair. This trend line is positioned well above the 23.6% Fibonacci retracement level of the upward movement from the $0.1275 swing low to the $0.1794 high.
Currently, Dogecoin is trading above the $0.1650 threshold and the 100-hourly simple moving average. Immediate resistance is present on the upside, near the $0.1765 level, while the next significant resistance is around $0.1780.
Successfully closing above the $0.1780 resistance could potentially propel the price towards the $0.1800 mark. Continued bullish momentum might drive DOGE to test the $0.1850 level, with the following major target for the bulls being $0.2000.
Examining Support Levels for DOGE
In the event that DOGE fails to climb above the $0.1780 resistance, there is a possibility of a renewed decline. Initial support on the downside is near the $0.1715 level and the aforementioned trend line. The next critical support level is located at $0.1675.
The primary support sits firmly at $0.1630. A break below this level could trigger a further decline, potentially pushing the price down towards the $0.1500 level or even $0.1420 in the near term.
Technical Indicators
Hourly MACD: The MACD for DOGE/USD is currently gaining momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is positioned above the 50 level, indicating bullish sentiment.
Key Support Levels
$0.1715 and $0.1675.
Key Resistance Levels
$0.1780 and $0.1800.
