Dogecoin (DOGE) recently corrected gains to test the $0.150 area against the US Dollar.
Despite this correction, DOGE is forming a base and showing signs of a potential fresh rise above $0.1520.
Recent Price Action: DOGE price surged to $0.160 before seeing a correction. It is currently trading above the $0.150 level and the 100 hourly simple moving average.
A key bullish trend line is forming with support at $0.1485 on the hourly chart of the DOGE/USD pair, according to Kraken data.
Key Resistance Levels: On the upside, Dogecoin is facing resistance near the $0.1515 level, which is close to the 23.6% Fibonacci retracement level of the decline from the $0.1594 swing high to $0.1488 low.
The next important resistance is $0.1540, which corresponds to the 50% Fibonacci retracement level of the same downside move.
A close above this resistance could push DOGE towards the $0.160 mark, and further gains could push the price to $0.1650 or even $0.1720.
If Dogecoin fails to break the $0.1540 resistance, it could face another decline. Initial support is near the $0.150 level and the trendline.
The next major support is $0.1445. A break below this level could lead the price to fall further towards $0.1350.
The price action of Dogecoin indicates a consolidation phase with the possibility of another breakout above the key resistance level.
Staying above $0.150 and breaking above $0.1540 is crucial for the bullish momentum.
Investors should keep a close eye on these levels to determine the next direction of DOGE.
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