Dogecoin (DOGE) Soars Above $0.2420! Is the Bull Market Restarting?
Dogecoin initiated a new round of upward momentum after reaching support around $0.2220, in line with the movements of Bitcoin and Ethereum. The price successfully climbed above the resistance level of $0.2350 and continues to break upward.
Bullish momentum continues to strengthen, successfully pushing the price of Dogecoin above the higher resistance level of $0.2420. However, near $0.2550, bearish forces began to emerge, leading to a peak at $0.2542, followed by a partial pullback. During the pullback, the price fell below the 23.6% Fibonacci retracement level of the upward trend from the low of $0.2227 to the high of $0.2542.
Despite the pullback, Dogecoin's price is currently still above $0.2450 and has broken above the 100-hour simple moving average, indicating strong market characteristics. On the hourly chart of the Dogecoin/USDT pair, a clear bullish trend line is forming, providing additional support at the level of $0.2460.
The immediate resistance in the upward direction is around $0.2550. The first major resistance level for bulls may be near $0.2620. The next major resistance level is around $0.2650. If the closing price breaks above the resistance level of $0.2680, it may push the price towards the resistance level of $0.280. If it continues to rise, the price may drop towards $0.2840. The next major stop-loss for bulls may be $0.30.
If Dogecoin's price fails to successfully hold above the key resistance level of $0.2550, a new round of downward trend may emerge. During the decline, initial support will be around $0.2450 and at the current trend line position. If these initial supports fail, the next important support area will appear around $0.2385, which is also close to the 50% Fibonacci retracement level of the upward trend from the low of $0.2227 to the high of $0.2542.
