NewsBTC
23 May 2025
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Dogecoin Price Surpasses $0.2420, Showing Potential for Further Gains

Dogecoin (DOGE) has initiated a price increase, surpassing the $0.2420 mark against the US Dollar, but is currently undergoing a correction.

  • DOGE price rose above $0.2320 and $0.2420.
  • Current trading is above $0.2420 and the 100-hourly simple moving average.
  • A bullish trend line is forming with support at $0.2460.
  • A sustained increase may occur if DOGE clears the $0.2550 resistance level.

Price Movements

After finding support near $0.2220, Dogecoin increased, breaking through the $0.2350 resistance level. The price peaked at $0.2542 before correcting downward, moving below the 23.6% Fibonacci retracement level from the recent low to high.

DOGE is currently trading above $0.2450, supported by a bullish trend line at $0.2460.

Dogecoin Price

Immediate resistance exists at $0.2550, with additional levels at $0.2620 and $0.2650. A close above $0.2680 could push the price towards $0.280 or $0.2840, with a potential target of $0.30.

Potential Downward Correction

If DOGE fails to breach $0.2550, it may decline. Initial support levels are at $0.2450 and the trend line, followed by $0.2385 and the 50% Fibonacci retracement level. Major support is at $0.2320; a drop below this could lead to further declines towards $0.220 or $0.2120.

Technical Indicators

  • Hourly MACD indicates bullish momentum.
  • RSI is above 50.
  • Major Support Levels: $0.2450 and $0.2350.
  • Major Resistance Levels: $0.2550 and $0.2620.