Dogecoin (DOGE) recently stalled at the critical resistance level of $0.1120 and subsequently adjusted against the US dollar. Despite facing short-term resistance, bulls showed strong vitality near $0.1080, suggesting that there may be another upward push in the future.

Price dynamics and trend analysis

DOGE price is currently firmly above $0.1080 and the 100 hourly simple moving average, showing the strength of the market support. Although the DOGE/USD pair broke below the key bullish trend line with support at $0.1090 on the hourly chart, the bulls did not give up their positions and actively defended near $0.1075, successfully defending the 50% Fibonacci retracement level of the upward trend from the $0.1037 low to $0.1111 high.

Upside Potential and Resistance

As market sentiment improves, DOGE prices are expected to further challenge the resistance levels of $0.1100 and $0.1120. If it can effectively break through $0.1120, it may start a new round of upward trend towards $0.1132 or even $0.1150. The next important target for bulls will be $0.1200, which will be a key point to test the strength of the bulls in the market.

Downside risks and support levels

However, if DOGE fails to break above $0.1095, it may face downward pressure again. The initial support level will be around $0.1080, while deeper support may appear at $0.1065 and $0.1050. If the support at $0.1050 is also broken, it may trigger a more violent sell-off, pushing the price to $0.1000 or even $0.0950.

Technical Indicator Interpretation

From the technical indicators, although the MACD (moving average convergence divergence indicator) of DOGE/USD has weakened in the bullish area, it still maintains a positive trend. The RSI (relative strength index) has fallen back below the 50 level, indicating that the market may be in a short-term adjustment phase. The combined effect of these indicators will provide investors with a more comprehensive basis for market judgment.

Summarize

In summary, Dogecoin (DOGE) is currently in a fierce game between bulls and bears. Bulls have shown strong resistance at key support levels, while bears are waiting for opportunities. Future price trends will depend on the comparison of the forces of bulls and bears and changes in market sentiment. Investors should pay close attention to market dynamics and breakthroughs in key resistance and support levels to make wise investment decisions.