Dogecoin experienced a notable rise, breaking above the $0.100 resistance level against the US Dollar. This surge suggests that DOGE could potentially gain momentum, pushing past the $0.1080 threshold.
The cryptocurrency climbed from the $0.0980 support zone and is now trading above $0.1050 and the 100-hour simple moving average. A crucial bullish trend line has also formed, providing support near $0.1050 on the hourly chart of the DOGE/USD pair. This pattern indicates a possible fresh increase above the $0.1080 resistance zone.
In recent sessions, Dogecoin mirrored the performance of Bitcoin and Ethereum, rising from the $0.0950 zone. It managed to surpass resistance levels at $0.100 and $0.1020, leading the bulls to push it above $0.1050 and the 100-hour simple moving average. The upward movement hit a high at $0.1079 before a pullback occurred, sending the price below $0.1060 and even below the 50% Fibonacci retracement level of the uptrend from the $0.1020 swing low to the $0.1079 peak.
Despite this pullback, bullish activity remained near the $0.1040 level, protecting the 61.8% Fibonacci retracement level of the same upward move. Additionally, the formation of a key bullish trend line with support around $0.1050 on the hourly chart has provided a solid foundation for the price to rebound. Dogecoin is once again on the rise and trading above $0.1050, with immediate resistance at the $0.1072 level.
Looking ahead, the next major resistance is positioned at $0.1080. Successfully closing above this level could propel the price towards $0.1120, with further gains potentially driving it to the $0.1200 mark. For the bulls, the next significant target might be $0.1350.
Conversely, if Dogecoin fails to ascend beyond the $0.1080 level, it could face another corrective phase. Initial support appears around $0.1055, followed by substantial support at $0.1035. The primary support zone lies at $0.1020. A break below this level could lead to additional declines, potentially pushing the price down to $0.0950 or even $0.0920 in the short term.
Technical indicators currently reflect a bullish momentum, with the hourly MACD for DOGE/USD gaining traction in the positive zone and the hourly RSI standing above the 50 level. Key support levels are identified at $0.1035 and $0.1020, while the major resistance areas are marked at $0.1080 and $0.1120.
