Dogecoin has seen a significant surge, climbing over 20% and trading above the crucial $0.1650 support level against the US Dollar. To maintain this upward momentum, it will need to break through the $0.1780 resistance point.
The recent rally of Dogecoin began after surpassing the $0.1500 resistance level. At present, the price is comfortably resting above $0.1650 and is supported by the 100-hour simple moving average. A prominent bullish trend line has formed, providing support around $0.1715 on the hourly chart. Market speculation indicates that a successful push past the $0.1780 and $0.1800 resistance levels may further propel the price upwards.
Following its ascent, Dogecoin registered a peak at $0.1796, after which it began consolidating its gains. Currently, it is maintaining value above the $0.1720 level. Crucially, the trend line mentioned earlier remains well above the 23.6% Fibonacci retracement level derived from the recent swing low of $0.1275 to the high of $0.1794.
Immediate resistance seems to be forming close to the $0.1765 level, with the next significant hurdle at $0.1780. Should Dogecoin manage a close above this resistance, it could open the doors toward $0.1800, with potential further gains leading toward a target of $0.1850 or even $0.2000.
Conversely, if the price struggles to surpass the $0.1780 level, it may initiate a downward trend. Key support levels can be identified at $0.1715 and $0.1675, with stronger support sitting at $0.1630. A fall below this level could lead to further declines, potentially approaching the $0.1500 or even $0.1420 range in the short term.
Currently, technical indicators suggest positive sentiment, with the MACD gaining momentum in the bullish territory and the RSI firmly above 50, indicating potential for continued bullish activity.
