Dogecoin has recently embarked on a notable upward trajectory, surpassing the $0.220 resistance level against the US Dollar. The surge has seen DOGE increase by over 50%, with indicators suggesting further potential for gains. Following the price movements of other cryptocurrencies such as Bitcoin and Ethereum , Dogecoin’s rally is gaining attention from investors.
Currently, Dogecoin is trading above $0.2800, significantly supported by the 100-hour simple moving average. A bullish trend line is also in formation, establishing support at the $0.280 level on the hourly chart. Should the price manage to successfully clear the resistance levels at $0.3050 and $0.3120, a continuation of the rally appears plausible.
The drive in Dogecoin’s price is evident as it not only reclaimed the $0.200 resistance level but also gained momentum to breach $0.2200 and $0.2500. A recent peak was recorded at $0.3036, with the price now consolidating above the 23.6% Fibonacci retracement level of the rise from the swing low of $0.2013 to the recent high. The current trading status places Dogecoin above the $0.2880 level, facing immediate resistance near the $0.300 level.
In the event that the price fails to break through the $0.3050 level, a downward correction may ensue. Key initial support levels are identified near $0.280 and at the upward trend line. Further significant support can be found around $0.2680, while the primary support level is located at $0.2550, corresponding to the 50% Fibonacci retracement of the previous upward movement. Should these levels not hold, a decline to approximately $0.2420 or $0.2350 could be anticipated.
Technical indicators reinforce Dogecoin’s bullish sentiment, with the MACD showing increased momentum in positive territory and the Relative Strength Index positioned above 50, affirming a generally positive outlook for the cryptocurrency. Key support remains at $0.280 and $0.2680, while resistance levels of interest include $0.3000 and $0.3050.
