Market Analysis: DOGE
The price of Dogecoin has initiated a new round of increase, breaking through the key level of $0.4150, with an increase of over 5%, and recently peaked at $0.4637.
Currently, the price remains below $0.450 and has consolidated its gains. The price has slightly retraced to levels of $0.4450 and $0.4400, approaching the 23.6% Fibonacci retracement level from the low of $0.3646 to the high of $0.4637.
At present, DOGE is trading at about $0.433, maintaining above $0.430 and above the 100-hour simple moving average. The hourly chart shows that the price is forming a key bullish trend line, with support at $0.430.
On the upside, the main resistance levels to watch are $0.4500, $0.4640, and $0.4720. If Dogecoin fails to break above $0.4500, it may face a pullback. On the downside, key support levels are at $0.4400, $0.4300, and $0.4150.
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