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- Dogecoin has broken past $0.150 resistance and is targeting $0.160.
- Key support levels for DOGE are at $0.1510 and $0.1480.
- Bullish momentum may continue if Dogecoin stays above $0.150, but a downside correction is possible.
Dogecoin (DOGE) has recently experienced a notable price increase, surging past the $0.1420 level and continuing to gain momentum in the crypto market. As with other major cryptocurrencies like Bitcoin and Ethereum, Dogecoin’s bullish trend has seen the altcoin move above its key resistance levels, including $0.150. This upward momentum has fueled optimism, with the potential for further price increases if the current trends hold.
Dogecoin Surpasses Key Resistance Levels
The price of Dogecoin has made a significant push, crossing the critical $0.150 resistance mark. After breaking through this level, DOGE climbed above $0.1550 and reached a high of $0.1565. This marks a clear shift into a positive zone, showing that bulls have the upper hand in the short-term. As of now, Dogecoin is consolidating gains above the 23.6% Fibonacci retracement level from the recent price swing.
The key support for Dogecoin is now found around $0.1490, with the price staying above the 100-hourly simple moving average. These factors suggest a strong upward momentum in the short-term, with the next resistance zone looming near $0.160. If DOGE can clear this hurdle, the next major resistance is likely to appear at $0.1620, potentially paving the way for further price gains toward $0.1685 and $0.1740.
Possible Downsides If Support Levels Break
However, as with any cryptocurrency, there is always a potential for price corrections. If Dogecoin fails to hold above $0.1565, it could experience a downward trend. Initial support lies at $0.1510, and further dips may test the $0.1480 level. A significant break below the $0.1450 mark would signal a bearish shift, with potential declines toward $0.1380 or even $0.1330 in the near term.
Also Read: Dogecoin Set for 100% Price Surge: Analyst Predicts Major Rally to $0.30
Key Technical Indicators: Mixed Signals for Dogecoin
Looking at technical indicators, the MACD for DOGE/USD has shown signs of losing momentum, indicating that the bullish trend might be slowing down. However, the Relative Strength Index (RSI) remains above 50, suggesting that there’s still room for upward movement. Traders will need to keep a close eye on support and resistance levels to determine whether Dogecoin can maintain its bullish momentum or face a pullback.
As Dogecoin continues to trade above critical levels, investors are closely watching for a potential break above the $0.1565 resistance. While the market sentiment remains positive for DOGE, it’s important to monitor key technical levels. If the bulls can push through, the next target for Dogecoin could be $0.160 and beyond. However, any failure to maintain support levels could lead to a correction, so caution is advised.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
