Dogecoin Price Holds Above $0.220 as Resistance Nears $0.2320

Dogecoin (DOGE) has seen recent price fluctuations, starting with an increase above $0.2320 before correcting to around $0.2180.

DOGE price rose above $0.220 and $0.230.
Current trading is just below $0.2250 and the 100-hourly simple moving average.
A bullish trend line forms support at $0.220 on the hourly chart.
A sustained rise may occur if DOGE clears the $0.230 resistance zone.

Price Movement Analysis

After finding support near $0.2110, DOGE climbed above the $0.220 resistance. The price peaked at $0.2378 before experiencing downward pressure, moving below the 50% Fibonacci retracement level.

Immediate resistance is near $0.2250, followed by major resistances at $0.2320 and $0.2380. A close above $0.2380 could target $0.250 and potentially $0.2720, with further gains aiming for $0.2850.

Potential Decline Risks

If DOGE fails to break above $0.2320, it may decline. Initial support is at $0.220, followed by $0.2170 and $0.2120. A drop below $0.2120 could lead to prices falling towards $0.20 or $0.1880.

Technical Indicators:

Hourly MACD shows bearish momentum.
RSI is below the 50 level.
Major Support Levels: $0.220 and $0.2120.
Major Resistance Levels: $0.2320 and $0.2380.