Dogecoin (DOGE) Gains Momentum: Bullish Trends Suggest Significant Breakthrough Imminent

Dogecoin has initiated a new upward trend, surpassing the $0.2420 mark against the US Dollar. Currently, DOGE is undergoing a correction but may be poised for further gains.

• DOGE’s price has experienced a fresh rise above the $0.2320 and $0.2420 thresholds.
• The current price is above $0.2420 and above the 100-hour simple moving average.
• A bullish trend line is developing, providing support at $0.2460 on the hourly chart for the DOGE/USD pair.
• If the price breaks through the $0.2550 resistance level, it could initiate another upward movement.

Dogecoin Price Continues to Rise

After finding support around the $0.2220 level, Dogecoin began a new uptrend, similar to movements observed in Bitcoin and Ethereum. DOGE ascended and regained ground above the $0.2350 resistance level.

The bulls propelled the price beyond the $0.2420 mark. However, selling pressure emerged close to the $0.2550 level, resulting in a high at $0.2542, after which the price began to correct. This correction involved a drop below the 23.6% Fibonacci retracement level of the recent rise from the $0.2227 low to the $0.2542 high.

Currently, Dogecoin trades above the $0.2450 level, alongside the 100-hour simple moving average. Additionally, a bullish trend line is forming on the hourly DOGE/USD chart, offering support at $0.2460.

On the upside, immediate resistance is identified near the $0.2550 level. The first significant resistance for bullish traders is likely at approximately $0.2620, with subsequent resistance around $0.2650. A close above the $0.2680 level could lead the price toward the $0.280 mark, with potential to rise even higher, targeting $0.2840. The bulls may next aim for $0.30.

Possible Downward Correction for DOGE?

Should DOGE’s price fail to breach the $0.2550 threshold, a decline may follow. Initial downside support is found around the $0.2450 level and the trend line. The next crucial support lies near $0.2385, alongside the 50% Fibonacci retracement of the price movement from $0.2227 to $0.2542.

The primary support level is positioned at $0.2320. If the price falls below this support, a more pronounced decline could occur, potentially driving the price down to $0.220 or even $0.2120 shortly thereafter.

Technical Indicators

Hourly MACD – The MACD indicator for DOGE/USD is currently building bullish momentum.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD stands above the 50 mark.

Major Support Levels – $0.2450 and $0.2350.

Major Resistance Levels – $0.2550 and $0.2620.