Dogecoin experienced a renewed surge, breaking past the $0.180 resistance against the US Dollar. Should DOGE manage to clear the $0.2200 resistance, there’s potential for this upward momentum to continue.
Mirroring Bitcoin’s movement, DOGE initiated a fresh rally and successfully surpassed the $0.180 resistance level. The cryptocurrency is currently trading above the $0.1800 mark as well as the 100-hourly simple moving average. An important development occurred when the hourly chart of the DOGE/USD pair showed a break above a significant bearish trend line, which had held resistance at $0.1620. This breakthrough enabled DOGE to soar above the $0.2000 mark. A peak has now formed at $0.2200, with the price consolidating above the 23.6% Fib retracement level of the upward swing from the $0.1654 low to the $0.2200 high.
Dogecoin now trades above the $0.200 level and the crucial 100-hourly simple moving average. Immediate resistance is evident around the $0.2150 level, with another significant resistance situated at $0.220. If the price manages a close above the $0.220 resistance, it could propel towards the $0.2320 mark, with further gains possibly pushing it to $0.2420. The next significant objective for the bulls could be $0.250.
However, if DOGE fails to surpass the $0.2150 level, there might be another decline. Initial support on the downside appears near the $0.2080 level, with the next major support around $0.1920 or the 50% Fib retracement level of the rise from $0.1654 to $0.2200. Primary support is situated around $0.1780, and a break below this could lead the price to decline further, potentially reaching the $0.1650 level or even the $0.1620 mark in the near term.
Technical indicators paint a mixed picture. The hourly MACD for DOGE/USD is gaining momentum in the bearish zone, while the hourly RSI for DOGE/USD remains above the 50 level. Major support levels are identified at $0.2080 and $0.1920, with significant resistance levels at $0.2150 and $0.2200.
