Dogecoin Price (DOGE) Poised for a Steady Increase, Inspired by Bitcoin
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Dogecoin (DOGE) has initiated a significant upward movement, surpassing the $0.0950 resistance against the US Dollar. Currently trading above $0.100 and the 100-hourly simple moving average, it demonstrated a break above a key bearish trend line at $0.1000. This price action indicates potential continued growth if it clears the $0.1100 resistance zone.
In recent sessions, DOGE prices rose significantly, paralleling gains seen in Bitcoin and Ethereum. It successfully overcame resistance levels at $0.0945 and $0.0950 and breached the 50% Fib retracement level of its previous downtrend. The current immediate resistance is at $0.1080, with major resistance at $0.1100. If DOGE manages to close above $0.1100, it could aim for $0.1145 and even $0.1220.
Key technical indicators are bullish. The hourly MACD for DOGE/USD is gaining momentum, while the RSI has risen above 50. However, active bears near the 76.4% Fib retracement level might impede further gains. If DOGE fails to sustain its upward trend and falls below $0.1100, it might decline again. Initial support sits at $0.100, with further support at $0.0950 and potentially dropping to $0.0880.
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