Dogecoin commenced a new rally above the $0.180 resistance against the US Dollar, potentially continuing its rise if it breaks through the $0.2200 level. This surge mirrors similar movements seen in Bitcoin, with the DOGE price surpassing the $0.180 level and sustaining above the 100-hourly simple moving average.
A key bearish trend line was disrupted at $0.1620, creating room for DOGE's price to potentially surpass resistance levels at $0.2150 and $0.2200. The recent high is noted at $0.2200, with consolidation occurring above the 23.6% Fib retracement level from $0.1654 to $0.2200.
The immediate resistance stands at $0.2150, proceeding to $0.220. Clearing these could propel DOGE toward higher targets of $0.2320 and $0.2420, eventually aiming for $0.250 if gains continue. Conversely, if the price fails to break above $0.2150, it may start descending, with initial support at $0.2080 and major support near $0.1920.
If DOGE breaks below $0.1780, further declines toward $0.1650 or $0.1620 might occur. As per technical indicators, the hourly MACD for DOGE/USD suggests bearish momentum, while the RSI remains above the 50 level, reflecting recent strength.
