Dogecoin Price Increases Above $0.160 but Faces Resistance at $0.168

Dogecoin (DOGE) has begun a new increase, trading above $0.160 and consolidating gains.

DOGE price increased above $0.1520 and $0.160 levels.
Current trading is above $0.1620 and the 100-hourly simple moving average.
A bullish trend line supports at $0.1650 on the hourly chart.
Price may decline if it remains below $0.1680.

Market Movement

DOGE surpassed resistance levels at $0.1550 and $0.160, forming a high at $0.1699.

Price is consolidating above the 23.6% Fib retracement level of the upward move from $0.1572 to $0.1699.

Immediate resistance is at $0.1680, with further resistance levels at $0.1720 and $0.1750. A close above $0.1750 could push prices toward $0.180 and potentially $0.200.

Downside Risk

If DOGE fails to exceed $0.1680, it may face a decline. Initial support is at $0.1660 followed by $0.1620 and the main support at $0.160.

A break below $0.160 could lead to declines towards $0.150 or $0.1450.

Technical Indicators

Hourly MACD is losing momentum in the bullish zone.
Hourly RSI is above the 50 level.
Major support levels are at $0.1650 and $0.1620.
Major resistance levels are at $0.1680 and $0.1800.