Dogecoin (DOGE) has resumed its bullish momentum, climbing above key resistance levels as it tracks gains seen in Bitcoin and Ethereum. The popular meme-based cryptocurrency broke past the $0.4150 barrier and advanced further, surpassing the $0.4250 and $0.4400 resistance levels. It posted a fresh high at $0.4637 before entering a consolidation phase, currently trading 5% higher than its previous levels.
Following its recent surge, Dogecoin is stabilizing below the $0.4500 mark. A minor correction saw the price dip toward the $0.4450 and $0.4400 levels, aligning with the 23.6% Fibonacci retracement of its upward move from the $0.3646 swing low to the $0.4637 high. Despite this, the price remains well above $0.4300 and the 100-hourly simple moving average, indicating ongoing bullish sentiment.
The DOGE/USD hourly chart also highlights a key bullish trend line forming support near the $0.4300 level. This trend line could act as a critical buffer against any short-term downside pressures.
On the upside, immediate resistance stands at $0.4550, with the first significant barrier for bulls appearing at $0.4640. Should DOGE clear these levels, it could aim for the next resistance zone at $0.4720. A decisive close above $0.4720 might push the price toward $0.4880, with a further rally potentially taking it to the psychological $0.5000 mark. Beyond that, bullish momentum could propel Dogecoin to a peak of $0.5200.
Conversely, if DOGE fails to breach the $0.4500 resistance, it may face renewed selling pressure. Initial support lies near $0.4400, followed by more robust support at $0.4300 and the trend line. A breakdown below $0.4150 would signal a deeper correction, potentially driving the price toward $0.4000 or even $0.3800 in the near term.
As Dogecoin consolidates its recent gains, traders and investors remain optimistic about its trajectory. However, the price’s ability to hold above key support levels and overcome resistance barriers will determine whether it continues its upward trend or encounters further corrections.