Dogecoin Steady Above Key Support: DOGE Set for Significant Surge!

Dogecoin is maintaining its position above the $0.160 resistance level against the US Dollar. With gains holding strong, DOGE could be gearing up for a move beyond $0.1650.

DOGE price is rising above the $0.160 resistance zone.

The price is trading above $0.160 and the 100-hourly simple moving average.

A key bullish trend line is forming with support near $0.160 on the hourly chart of the DOGE/USD pair (data source from Kraken).

The price needs to settle above $0.1650 to gain bullish momentum and climb higher.

Dogecoin Price Holds Support

In recent sessions, Dogecoin has seen a steady increase above the $0.1500 zone, mirroring the upward movements of Bitcoin and Ethereum. DOGE bulls managed to push the price beyond the $0.160 resistance.

The latest swing high was at $0.1646 before the price saw a slight correction, dropping below the $0.1620 support. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.1571 swing low to the $0.1646 high.

Currently, Dogecoin is trading above $0.160 and the 100-hourly simple moving average. Additionally, a key bullish trend line is forming with support around $0.160 on the hourly chart of the DOGE/USD pair.

On the upside, resistance is at the $0.1640 level, with major resistance at $0.1650. A close above $0.1650 could propel the price towards the $0.1720 resistance. Further gains might push the price to $0.1750, with the next major target for bulls at $0.1800.

Potential Downside Correction

If DOGE fails to break past the $0.1650 level, it may start to decline again. Initial support on the downside is near $0.160 and the trend line, close to the 50% Fib retracement level of the upward move from $0.1571 to $0.1646.

The next major support is around $0.1580. A break below this support could see the price drop further, potentially towards $0.1520.

Technical Indicators

Hourly MACD: Losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index): Above the 50 level.

Major Support Levels: $0.1620, $0.1600, $0.1580.

Major Resistance Levels: $0.1640, $0.1650, $0.1720.

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