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Dogecoin has strong support and is stable: $DOGE is about to have a big rise!
Recently, the price performance of Dogecoin (DOGE) against the US dollar has been remarkable. It has firmly stood above the key resistance level of 0.160 and has shown strong momentum to continue to climb. This digital currency not only maintains its gains, but also seeks to break through the new high of 0.1650.
DOGE price has a clear upward trend
Dogecoin's price is gradually climbing, easily breaking through the resistance zone of 0.160 and staying above 0.160 and the 100 hourly simple moving average.
On the hourly chart of DOGE/USD, a key rising trend line is forming, providing solid support for the price around $0.160 (data source: Kraken).
If the price can stabilize above $0.1650, Dogecoin's upward momentum will further increase and is expected to hit higher prices.
Dogecoin price support is solid
Recently, the price of Dogecoin has been rising steadily from the 0.1500 area, echoing the trend of mainstream digital currencies such as Bitcoin and Ethereum. DOGE's bullish power successfully pushed the price above the resistance area of 0.160.
After reaching the high of 0.1646, the market experienced a small correction, but the price quickly stabilized, only briefly touching the 23.6% Fibonacci retracement level of the rise from the low of 0.1571 to the high of $0.1646.
Currently, the price of Dogecoin remains above 0.160 and the 100 hourly simple moving average, and has formed an upward trend line near 0.160. The price faces resistance at 0.1640 and 0.1650. Once 0.1650 is broken, the price is expected to climb to 0.1720, 0.1750 and even 0.1800.
Potential pullback risk
However, if Dogecoin fails to successfully break through the resistance level of 0.1650, the market may usher in a new round of decline. The first support level is located near 0.160 and the rising trend line, which is close to the 50% Fibonacci retracement level from the low of 0.1571 to the high of 0.1646.
If the price falls below this support level, the next important support will be at 0.1580. If this support level is also broken, the price of Dogecoin may fall further to around 0.1520.
Technical indicator analysis
Hourly MACD: The MACD indicator of DOGE/USD is gradually losing momentum in the bullish area.
Hourly RSI (Relative Strength Index): The RSI indicator of DOGE/USD remains above the 50 level, showing that the market is still in a strong state.
Major support levels: 0.1620, 0.1600, $0.1580
Major resistance levels: 0.1640, 0.1650, $0.1720
