Dogecoin (DOGE) Eyes Big Break: $0.50 Within Reach 🐶
Dogecoin is experiencing a bullish phase against the US Dollar, with its price rising above the $0.4250 support level. Currently, DOGE is trading in a bullish zone, with expectations that it might soon surpass the $0.50 resistance level. Its recent surge began with a fresh increase above the $0.440 level, and the price is now above the $0.4350 level, also trading above the 100-hourly simple moving average. A key bullish trend line is forming with support at $0.430, indicating potential for further increases.
The DOGE price started a new increase above $0.4150, similar to Bitcoin and Ethereum, and traded above $0.4250 and $0.4400 resistance levels. Its price has risen more than 5%, with a recent high of $0.4637, though it's currently consolidating gains below $0.450. A minor decline reached $0.4450 and $0.4400 levels, with a 23.6% Fib retracement level from a swing low to high.
Immediate resistance on the upside is around the $0.4550 level, with the first major resistance for bullish momentum near $0.46400. Overcoming this could push prices toward $0.4880 and potentially the $0.5000 mark. To maintain upward momentum, the next major goal for bulls might be $0.5200.
If DOGE faces downside corrections and fails to climb above $0.4500, it could lead to a decline. Initial support on the downside is near $0.4400 and $0.430, with the main support at $0.4150. A break below this could decrease the price toward $0.4000 or $0.3800.
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