Dogecoin (DOGE) Nears Critical Breakout — Meme Coin Defies Gravity Again
Dogecoin bulls are charging as DOGE tests key resistance levels—will the meme coin finally punch through?
After weeks of consolidation, DOGE shows bullish momentum despite Wall Street analysts dismissing it as a ’joke asset.’ Technical indicators suggest a breakout could trigger a 20-30% rally.
Key factors at play: Bitcoin’s stability, Elon Musk’s latest cryptic tweet, and that stubborn 200-day moving average. Meanwhile, institutional traders still won’t touch it—their loss, or another reminder that finance takes itself too seriously?
Dogecoin Price Aims Higher
Dogecoin price started a fresh increase after it found support near $0.2170, like Bitcoin and Ethereum. DOGE climbed and recovered above the $0.2250 resistance zone.
The bulls even pushed the price above the 50% Fib retracement level of the downward MOVE from the $0.2531 swing high to the $0.2173 low. Besides, there is a connecting bullish trend line forming with support at $0.2350 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.2350 level and the 100-hourly simple moving average. Immediate resistance on the upside is NEAR the $0.240 level.
The first major resistance for the bulls could be near the $0.2440 level and the 76.4% Fib retracement level of the downward move from the $0.2531 swing high to the $0.2173 low. The next major resistance is near the $0.2530 level. A close above the $0.2530 resistance might send the price toward the $0.2650 resistance. Any more gains might send the price toward the $0.2720 level. The next major stop for the bulls might be $0.2850.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.2440 level, it could start another decline. Initial support on the downside is near the $0.2350 level. The next major support is near the $0.2250 level.
The main support sits at $0.2150. If there is a downside break below the $0.2150 support, the price could decline further. In the stated case, the price might decline toward the $0.20 level or even $0.1880 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.2350 and $0.2250.
Major Resistance Levels – $0.2440 and $0.2530.
