⚡ Dogecoin Breakout Incoming — Can the Bulls Hold Strong?
Dogecoin (DOGE) recently surged from $0.1950 against the US Dollar and is now consolidating gains, with eyes on a potential push above $0.2250.
DOGE climbed past the $0.2120 and $0.2150 resistance zones.
It's currently trading above $0.2150 and holding strong above the 100-hour Simple Moving Average (SMA).
On the hourly chart, a bullish trend line is forming with support around $0.2150.
📈 Breakout Targets:
Immediate resistance lies near $0.2250.
A successful break above this level could lead to a test of $0.2320 and possibly $0.2420.
If bulls maintain momentum, DOGE could even aim for $0.250, $0.2650, or as high as $0.2780.
🐕 Holding Value: Following the rise in Bitcoin and Ethereum, DOGE followed suit, clearing key levels and peaking near $0.2243.
The price is holding above the 23.6% Fib retracement from the $0.1956 low to the $0.2243 high.
Momentum remains bullish as long as it stays above $0.220 and the 100-hour SMA.
🔻 Downside Risk? If DOGE fails to clear $0.2250, a pullback may occur.
First support: $0.2175.
Major support: $0.2150 and the 50% Fib level at $0.2100.
A drop below these levels could drag the price toward $0.2050 or even $0.2020.
📊 Technical Indicators:
MACD (hourly): Gaining bullish strength.
RSI (hourly): Staying above the 50 mark, favoring the bulls.
🔑 Key Levels:
Support: $0.2175, $0.2150, $0.2100
Resistance: $0.2250, $0.2320, $0.2420+
