🚀 Dogecoin (DOGE) Skyrockets Past $0.20 — Is $0.50 Next?

Dogecoin defies gravity—again. The meme-turned-mainstay cryptocurrency blasted past $0.20 today, leaving skeptics scrambling and bagholders cheering. But can the Shiba Inu-themed asset sustain its momentum?

The FOMO is real—but so are the risks

Retail traders are piling in as DOGE flirts with yearly highs, while institutional players quietly take profits. Classic pump dynamics? Maybe. But with Elon Musk tweeting cryptic dog emojis (again), this rocket might have extra fuel.

Technical breakout or overbought trap?

The RSI screams 'overbought' at 78, but since when did DOGE care about fundamentals? The 200-day MA just got bulldozed like a cheap meme token in a bear market.

Wall Street analysts remain 'cautiously optimistic'—which roughly translates to 'we missed the boat but won't admit it.' Meanwhile, crypto degens are already pricing in $1 DOGE futures. Because nothing says 'sound investment' like leveraging a joke currency.

One thing's certain: when DOGE runs, it runs hard. Just remember—what goes to the moon eventually needs landing thrusters.

Dogecoin Price Eyes More Gains

Dogecoin price started a fresh increase from the $0.1750 zone, like Bitcoin and Ethereum. DOGE was able to climb above the $0.180 and $0.1880 resistance levels.

The bulls even pushed the price above the $0.1920 resistance. Finally, the price traded close to the $0.20 barrier. A high was formed at $0.1992 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward MOVE from the $0.1660 swing low to the $0.1992 high.

Dogecoin price is now trading above the $0.1880 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1910 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is NEAR the $0.1980 level. The first major resistance for the bulls could be near the $0.20 level. The next major resistance is near the $0.2050 level. A close above the $0.2050 resistance might send the price toward the $0.220 resistance. Any more gains might send the price toward the $0.2320 level. The next major stop for the bulls might be $0.250.

Downside Correction In DOGE?

If DOGE’s price fails to climb above the $0.20 level, it could start a downside correction. Initial support on the downside is near the $0.1910 level or the trend line zone. The next major support is near the $0.1820 level or the 50% Fib retracement level of the upward move from the $0.1660 swing low to the $0.1992 high.

The main support sits at $0.1780. If there is a downside break below the $0.1780 support, the price could decline further. In the stated case, the price might decline toward the $0.1750 level or even $0.1720 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 – $0.1910 and $0.1880.

Major Resistance Levels – $0.1980 and $0.2000.