Dogecoin’s price began to rise after holding above $0.1650, following similar movements in Bitcoin and Ethereum. DOGE surpassed the $0.1750 resistance level, entering positive territory.
Bulls managed to push the price above $0.1800, reaching a high of $0.1859, but the price is now experiencing a short-term correction. A 50% Fibonacci retracement of the upward move from the low at $0.1568 to the high at $0.1859 has occurred.
On the hourly DOGE/USD chart, a break below a key bullish trendline at $0.1750 was observed. Currently, Dogecoin is trading below $0.1780 and the 100-hour simple moving average.
Resistance Levels for Potential Growth
If another upward push occurs, immediate resistance lies around $0.1760, followed by stronger levels at $0.1800 and $0.1850. A close above $0.1850 could pave the way for a rise to $0.1920, with further gains potentially reaching $0.20 and ultimately $0.2120.
Possible Downside Risks
If DOGE fails to climb above $0.1800, a decline may continue. Initial support is near $0.1715, followed by $0.1700. Key support levels are $0.1680 and the 61.8% Fibonacci retracement of the upward move from $0.1568 to $0.1859. A break below $0.1680 could lead to further drops toward $0.1565 or even $0.1520 in the near term.
Technical Indicators
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI: Currently below 50, signaling cautious market sentiment.
Support Levels: $0.1700, $0.1680
Resistance Levels: $0.1800, $0.1850
Dogecoin continues to navigate a critical range, with traders closely watching support and resistance levels to anticipate the next potential move.
