Dogecoin Surges Over 20% Trading Above $0.1650 Support Zone
Dogecoin (DOGE) has increased over 20%, trading above the $0.1650 support zone against the US Dollar. To continue rising, DOGE must surpass the $0.1780 resistance.
- DOGE price began a significant rise above the $0.1500 resistance level.
- The price is above the $0.1650 level and the 100-hourly simple moving average.
- A bullish trend line is forming with support at $0.1715 on the DOGE/USD hourly chart (data from Kraken).
- Further price increases are possible if it clears the $0.1780 and $0.1800 resistance levels.
Dogecoin Price Outlook
Dogecoin's price surged past the $0.1450 and $0.150 resistance levels, achieving over 20% gains, outperforming Bitcoin and Ethereum. The price exceeded the $0.1650 resistance, reaching a high of $0.1796 before consolidating above the $0.1720 mark.
The bullish trend line at $0.1715 supports the price, which is well above the 23.6% Fibonacci retracement level from the $0.1275 low to the $0.1794 high. Currently, DOGE is trading above $0.1650 and the 100-hourly simple moving average, with immediate resistance near $0.1765 and major resistance at $0.1780.
A close above $0.1780 could lead to a rise towards the $0.1800 level, potentially reaching $0.1850, with a longer-term target of $0.2000.
Support Levels for DOGE
If DOGE fails to break above $0.1780, it may decline. Initial support is at $0.1715 along the trend line, with further support near $0.1675.
The main support level is at $0.1630; a drop below this could lead to declines towards $0.1500 or even $0.1420.
Technical Indicators
Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: Above the 50 level.
Major Support Levels: $0.1715 and $0.1675.
Major Resistance Levels: $0.1780 and $0.1800.