Dogecoin recently experienced a correction in gains, testing the $0.150 zone against the US Dollar. Despite this correction, DOGE is now forming a base and may potentially initiate a fresh increase above $0.1520. The price surged towards $0.160 before correcting gains and is currently trading above the $0.150 level and the 100-hourly simple moving average.
Key Technical Indicators
There is a key bullish trend line forming with support at $0.1485 on the hourly chart of the DOGE/USD pair. For a positive shift in momentum, the price must firmly establish itself above $0.1540 to move into a positive zone and start a fresh surge.
After encountering resistance near the $0.160 zone and forming a high at $0.1594, DOGE experienced a downside correction. It dropped below the $0.1540 support zone, with a low formed at $0.1488. Despite this correction, Dogecoin is still trading above the $0.150 level and the 100-hourly SMA.
On the upside, the price faces resistance near the $0.1515 level, with the next major resistance at $0.1540. A breakout above this level could potentially lead the price towards the $0.160 resistance, followed by further gains towards $0.1650 and potentially $0.1720. However, failure to break above $0.1540 could result in another decline.
Hourly technical indicators show that the MACD for DOGE/USD is losing momentum in the bearish zone, while the RSI is currently positioned above the 50 level. Major support levels for DOGE include $0.1500, $0.1445, and $0.1350, with resistance levels at $0.1515, $0.1540, and $0.1600.
The future of Dogecoin remains uncertain as it navigates through various resistance levels and support zones. Traders and investors should closely monitor key technical indicators and price movements to gauge the potential direction of DOGE in the coming days.