Dogecoin's price has surged by over 20% and is now trading above the critical $0.1650 support level against the US Dollar. The cryptocurrency has managed to surpass the $0.1500 resistance level, indicating a strong upward momentum.
The price is currently trading above the 100-hourly simple moving average, which is a positive signal for traders. A significant bullish trend line is forming, providing support at the $0.1715 level on the hourly DOGE/USD chart.
For DOGE to continue rising, it must clear the resistance levels at $0.1780 and $0.1800. Successful clearance could lead the price towards the $0.1850 level or even the $0.2000 mark.
However, if DOGE fails to surpass the $0.1780 resistance, there is a risk of the price declining. The immediate support levels on the downside are $0.1715 and $0.1675. A break below $0.1630 may lead DOGE towards the $0.1500 or even $0.1420 levels.
Technical indicators show a bullish momentum as the hourly MACD is gaining traction, and the RSI is above 50, indicating strong buying interest. Major resistance levels are identified at $0.1780 and $0.1800.
