Dogecoin (DOGE) Builds Momentum: Is Another Surge Coming?

Dogecoin has experienced a significant rise above $0.1520 against the US Dollar. Currently, DOGE is stabilizing and may experience a decline if it falls below $0.140.

Key Takeaways

Price Movement: DOGE began a new rise, moving past $0.1480 and $0.1520.
Current Status: The price is trading below $0.150 and the 100-hourly simple moving average.
Technical Formation: A contracting triangle is evident, with resistance at $0.150 on the hourly DOGE/USD chart.
Outlook: The price could see further growth if it maintains stability above $0.140.

Dogecoin (DOGE) Consolidates Strength

Dogecoin's Price Action: Establishing Gains

Dogecoin's price initiated a new upward trend after stabilizing above $0.1420, following a similar trajectory to Bitcoin and Ethereum. The asset surpassed the $0.1450 resistance, entering a favorable zone for buyers.

Bulls managed to drive the price above the $0.150 mark, reaching a peak at $0.1541 before the current correction began. The price dipped below the 23.6% Fibonacci retracement level of the ascent from $0.1155 to $0.1541.

Currently, Dogecoin is trading below the $0.150 level and the 100-hourly simple moving average. Additionally, a contracting triangle is forming, showing resistance at the $0.150 mark on the DOGE/USD hourly chart.

Dogecoin Price Source: DOGEUSD on TradingView.com

If there is another price increase, immediate resistance is expected near the $0.1480 level. The first significant resistance for bulls is around the $0.150 mark, followed by further resistance at $0.1540. A close above $0.1540 could potentially drive the price towards $0.1625, with continued gains possibly pushing it up to $0.1680, while the next notable target for bulls may be $0.1720.

Potential Declines for DOGE?

Should DOGE's price fail to rise above the $0.150 level, it might initiate a downward correction. The first key support level to watch on the downside is near $0.1450, followed by a more significant support level at $0.140.

The main support lies at $0.1360, correlating with the 50% Fibonacci retracement level from the previous upward move between $0.1155 and $0.1541. A substantial break below the $0.1360 support could lead to further declines, potentially pushing the price down to $0.130 or even $0.1280 in the short term.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is losing momentum but remains in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD has fallen below the 50 level.
Key Support Levels: $0.1450 and $0.1400.
Key Resistance Levels: $0.1500 and $0.1540.