- Dogecoin surged past $0.1100, breaking key resistance and sparking bullish momentum.
- Immediate resistance lies near $0.1280, with potential gains if broken.
- Key support at $0.1200; a dip below could signal a bearish trend.
The price of Dogecoin (DOGE) recently surged, pushing past the critical $0.1100 resistance. This upward momentum led to a break above multiple key levels, outshining Bitcoin and Ethereum. As the market buzzed, DOGE soared beyond $0.1200, sparking optimism among traders. But will this rally sustain, or is another drop on the horizon?
DOGE Breaks Key Levels and Keeps Climbing
In the latest trading sessions, Dogecoin showed strong performance. The price broke above the resistance of a falling wedge chart pattern, at $0.1170. This led to a steady rise, reaching a high of $0.1297.
Source: Trading View
However, a minor dip followed, with a slight correction below $0.1265 and the 23.6% Fib retracement level from the $0.1101 low to the $0.1297 peak. Despite the brief pullback, Dogecoin remained above $0.1200 and the 100-hourly simple moving average. This suggests room for further growth.
Immediate resistance sits near $0.1280, followed by a stronger barrier at $0.1300. A successful break above these could push DOGE to $0.1320 or even $0.19. If the rally holds, bulls might set sights on $0.29, a significant leap from the current range.
Key Support Levels and Market Risks
Although the recent surge appears promising, risks still linger. Failing to clear the $0.1280 resistance could lead to a downturn. Initial support levels rest at $0.1235, with stronger support found at $0.1200. A dip below $0.1200 might drive prices to $0.1175, with further declines possible to $0.1150 and even $0.1120.
Read CRYPTONEWSLAND on
google news
Close attention to these levels can help traders navigate potential downturns, as a break below $0.1175 might hint at a bearish trend. Technical indicators show a bullish outlook. The hourly MACD is gaining in the green zone, while the RSI remains above 50, signaling strength. However, volatility may still shift market trends unexpectedly.
Dogecoin’s recent price action signals renewed interest. A break past $0.1300 might launch a fresh bullish phase, but traders must stay alert. Even a slight dip below the main support could alter the market’s direction quickly.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
