- Dogecoin has rebounded above $0.1650 and is showing bullish signs, but it faces strong resistance near $0.1720 and $0.180.
- If it fails to break higher, DOGE could decline toward support levels at $0.1620 or even $0.150.
Dogecoin (DOGE) has shown signs of life after bouncing from recent lows, but it still faces a critical resistance barrier at $0.180. Despite bullish attempts, the meme-inspired cryptocurrency struggles to gain enough strength to confirm a breakout.
Dogecoin Climbs But Meets Resistance
DOGE rallied from a low of $0.1565, mirroring gains seen in Bitcoin and Ethereum. The price surged past the $0.1600 and $0.1650 marks, breaking a key bearish trend line near $0.1640. This upward move pushed DOGE to a local high of $0.1726, signaling renewed buying pressure.
Currently, Dogecoin is trading above the $0.1650 zone and the 100-hourly simple moving average. These are positive technical signals, hinting that bulls still have some control. However, the price is struggling to hold above the $0.1720 resistance level, which has now become a key hurdle.
The next resistance lies at $0.1750, and a sustained move beyond it could open the door to $0.1800. If DOGE successfully clears that level, it may target $0.200 and possibly $0.2120 in the near future.
However, if the rally stalls, DOGE could begin another decline. Immediate support lies at $0.1650, with further levels at $0.1620 and $0.1560. A break below $0.1560 may send the price tumbling toward $0.150 or even $0.1450.
Technical Outlook
- MACD: Currently losing strength in the bullish zone, suggesting caution.
- RSI: Hovering above 50, showing a slight bullish bias but not strong enough for a clear breakout signal.
Dogecoin is caught between bullish hopes and bearish pressure. While a break above $0.180 could trigger strong upside, failure to breach $0.1720 may lead to another dip. Traders should watch these levels closely to gauge the next big move.
ALSO READ:Dogecoin Surges Above $0.16 After Bullish Double Bottom Formation
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