Dogecoin has recently demonstrated significant upward momentum, surpassing the $0.1350 resistance zone against the US Dollar. As the market turns bullish, DOGE is showing promising signs of continuing its positive trajectory, potentially breaking the $0.1450 resistance level.
Key Developments in DOGE’s Price Movement
- DOGE price initiated a fresh surge above the $0.1320 resistance level.
- The current price is trading above the $0.1350 mark and is well-positioned above the 100-hourly simple moving average.
- A prominent bullish trend line is taking shape with support near $0.1420 on the hourly chart of the DOGE/USD pair, as per data acquired from Kraken.
- The price could experience a surge in bullish momentum if it successfully surpasses the $0.1450 and $0.1465 resistance levels.
Dogecoin Price Eyes More Upsides
Dogecoin’s price embarked on a fresh upward climb above the $0.1200 resistance zone, showcasing its strength by outpacing both Bitcoin and Ethereum. The momentum carried DOGE beyond the $0.1320 resistance zone and past the critical $0.1350 and $0.1400 resistance levels. Peaking at $0.1467, the price experienced a minor correction, pulling back below the $0.1420 level.
Despite this correction, bullish sentiment remains strong above $0.1350. The presence of a supportive bullish trend line at $0.1420 on the hourly chart further reinforces potential upward movement. Currently, Dogecoin is trading above the $0.1320 level and maintains its position above the 100-hourly simple moving average. Immediate resistance is anticipated near the $0.1465 mark, with significant resistance expected around $0.1480.
Should the price close above the $0.1480 resistance, it may ascend towards the $0.1520 level. Further gains could propel DOGE towards the $0.1550 mark, with the next major target for bullish traders being $0.1585.
Are Dips Supported in DOGE?
If DOGE fails to clear the $0.1465 resistance level, it could trigger another downward movement. Initial support on the downside is projected near $0.1420, followed by substantial support around $0.1400.
The principal support is anchored at $0.1335, corresponding to the 50% Fibonacci retracement level of the surge from the $0.1206 swing low to the $0.1467 peak. A decisive break below the $0.1335 support could lead to further declines, potentially driving the price towards $0.1250 or even $0.1220 in the near term.
Technical Indicators
Hourly MACD: The MACD for DOGE/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD remains above the 50 level, indicating continued bullish sentiment.
Major Support Levels: $0.1420 and $0.1335
Major Resistance Levels: $0.1465 and $0.1500
