Dogecoin (DOGE) has recently begun a new round of upward momentum, with the price once breaking through $0.2320, but is currently undergoing a correction, pulling back to around $0.2180.

After finding support at $0.2110, the price once surged to $0.2320 but then encountered bearish pressure, resulting in a pullback.

Price correction and facing key support levels

After finding support near $0.2110, Dogecoin's price began to rebound and broke through the resistance level of $0.220, subsequently pushing the price up to $0.2320.

However, bears are active around $0.2380, causing the price to fail to rise further and begin to pull back.

The current price has fallen below the 50% Fibonacci retracement level from $0.2109 to $0.2370, dropping below $0.2250 and slightly below the 100-hour simple moving average.

Key support and resistance level analysis

  • Currently, on the DOGE/USD hourly chart, a bullish trendline has formed, with support located at $0.220.

  • The immediate upward resistance level is at $0.2250; once broken, the next targets are $0.2320 and $0.2380.

  • If the price breaks through the resistance level of $0.2380, further increases may occur, with target price levels at $0.250 and even $0.2720.

    If the upward trend continues, the stop-loss level may be adjusted to $0.2850.

Downside risks and support levels to watch

If Dogecoin fails to break through $0.2320, a pullback may occur again.

Initial support is at $0.220, with further support levels at $0.2170 and $0.2120.

If the price breaks below the support level of $0.2120, it may trigger a larger decline, potentially falling to $0.20 or even $0.1880 in the short term.

Technical indicator signals

  • MACD: The MACD for DOGE/USD is currently in the bearish zone and momentum is increasing, indicating considerable downward pressure.

  • RSI: The hourly RSI is currently below the 50 level, further confirming the market's bearish trend.

Summary

Dogecoin's current price faces significant volatility risks; whether it can break through $0.2320 and sustain an upward trend will determine future movements.

If it fails to break through this resistance level, the price may pull back again and test lower support levels.