After finding support near $0.2170, the price of Dogecoin began a new round of increases, rising above the resistance level of $0.2250, similar to Bitcoin and Ethereum.
Bulls even pushed the price above the 50% Fibonacci retracement level from the high of $0.2531 to the low of $0.2173. Additionally, a connecting bullish trend line is forming on the hourly chart of DOGE/USD, with support at $0.2350.
Nuclear-level positive news: Three major engines ignite the DOGE market
1. Giant whales are frantically bottom-fishing
On-chain data shows that over 230 million DOGE has been accumulated in the range of $0.2170-$0.2250, suspected institutional accumulation!
2. Musk brings more good news
SpaceX announces that DOGE will be included in the Starlink payment system testing phase, and the market instantly surged by 5% upon the news!
3. Meme coin season is here
With PEOPLE, BOME and others surging by 60%, market risk appetite has shifted towards high-volatility assets, making DOGE, as the original, the preferred choice for funds!
Dogecoin's current price is above $0.2350, breaking through the 100-hour moving average. The first upward resistance is $0.240, followed by $0.2440 and $0.2530 (76.4% Fibonacci retracement level). If it breaks through $0.2530, it may rise to $0.2650, with further increases possibly reaching $0.2720. The main stop-loss level for bulls is at $0.2850.
Is DOGE falling again?
If Dogecoin does not break $0.2440, it may decline. Initial support at $0.2350, followed by $0.2250. If it breaks below $0.2150, it may drop to $0.20 or $0.1880.
Technical indicators show that MACD is accumulating upward momentum, and RSI is above 50. Key support levels: $0.2350, $0.2250; key resistance levels: $0.2440, $0.2530.
