Dogecoin (DOGE) Rally Continues—Here’s What’s Driving It

Dogecoin (DOGE) has initiated a significant rise, surpassing the $0.150 mark against the US Dollar. Currently, DOGE is consolidating its position, but a decline could occur if it drops below $0.1450.

Key Takeaways

DOGE price has recently increased, moving above $0.1450 and $0.150.
The cryptocurrency is currently trading above $0.150 and the 100-hourly simple moving average.
A bullish trend line is forming with support at $0.150 on the hourly chart of the DOGE/USD trading pair.
DOGE may see further gains if it maintains stability above $0.1450.

Dogecoin (DOGE) Rally Continues

Dogecoin’s Price Gains Momentum

Recently, Dogecoin's price experienced a significant increase after establishing stability over the $0.1320 level, similar to trends seen in Bitcoin and Ethereum. DOGE surpassed the $0.140 resistance, defining a positive trajectory.

The bulls managed to push the price above $0.150, registering a peak at $0.1541 before the price went through a correction. The move reflects a 23.6% Fibonacci retracement level of the surge, from a swing low of $0.1156 to the high of $0.1541.

Currently, Dogecoin is trading above $0.150 and the 100-hourly simple moving average. Additionally, a bullish trend line is emerging with support at $0.150 on the DOGE/USD hourly chart.

Dogecoin Price
Source: DOGEUSD on TradingView.com

If DOGE experiences another upswing, immediate resistance is positioned around the $0.1540 mark. The first significant resistance level for the bulls is at $0.1550, followed by another near $0.1620. A close above this $0.1620 resistance might propel the price toward $0.1750. Further gains could lead to an increase towards $0.180, with the next major target for the bulls at $0.1840.

Potential Downsides for DOGE

Should DOGE fail to rise above the $0.1550 level, it might trigger a downward correction. Initial support exists around the $0.150 level, coinciding with the trend line. The next critical support is positioned near $0.145.

The primary support threshold is identified at $0.1420. If the price dips below this level, there is potential for further declines, possibly reaching towards $0.1350 or even $0.1320 in the short term.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is currently gaining momentum in the bullish range.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is above the 50 mark.

Major Support and Resistance Levels

Support Levels: $0.150 and $0.1450.
Resistance Levels: $0.1540 and $0.1550.