Dogecoin Barks Back: Meme Coin Surges Past $0.12

TLDR

• Dogecoin price rose above $0.120 resistance
• DOGE trading above $0.1220 and 100-hour moving average
• Broke above declining channel with $0.1170 resistance
• Could gain momentum above $0.1250 and $0.1280
• Support levels at $0.1235, $0.1200, and $0.1175

Dogecoin, the popular meme-inspired cryptocurrency, has shown signs of renewed momentum as its price surged past the $0.120 resistance level against the US Dollar.

This recent price movement has caught the attention of crypto enthusiasts and investors alike, as DOGE continues to display positive indicators in the market.

The digital currency began its upward trajectory by breaking through the $0.1100 resistance zone, outperforming major cryptocurrencies like Bitcoin and Ethereum in the process.

As the rally gained traction, Dogecoin’s price pushed even further, surpassing the $0.1200 mark and reaching as high as $0.1297 in recent trading.

One significant development in Dogecoin’s price action was the breach of a major declining channel.

The resistance level of this channel, which stood at $0.1170, was decisively broken on the hourly chart of the DOGE/USD pair. This breakthrough is considered a bullish signal by many technical analysts.

Currently, Dogecoin is trading comfortably above the $0.1220 level and the 100-hour simple moving average, further reinforcing its bullish stance.

Dogecoin Price on CoinGecko

The cryptocurrency’s ability to maintain these levels suggests that buyers are in control and may be preparing for additional gains.

Looking ahead, traders and investors are closely watching key resistance levels. The immediate hurdle for Dogecoin lies near the $0.1280 mark. If the price manages to close above this level, it could pave the way for a test of the psychologically important $0.1300 resistance.

A successful breach of $0.1300 might propel DOGE towards $0.1320, with some optimistic projections even pointing to the $0.1350 and $0.1400 levels.

The first line of defense for bulls is near $0.1235, followed by a more substantial support at $0.1200. This latter level coincides with the 50% Fibonacci retracement level of the recent upward move from $0.1101 to $0.1297.

Should these supports fail to hold, the next critical level to watch is $0.1175. A break below this point could potentially trigger a deeper correction, possibly pushing Dogecoin towards $0.1150 or even $0.1120 in the near term.

Technical indicators are currently favoring the bullish case for Dogecoin. The hourly MACD (Moving Average Convergence Divergence) for DOGE/USD is gaining momentum in the bullish zone, suggesting that positive sentiment may continue in the short term.