Dogecoin Bulls Target $0.10: Can They Break Through?

Dogecoin has initiated a recovery from the $0.0888 level against the US Dollar. DOGE is on the rise and may potentially surpass the $0.100 resistance level.

• DOGE’s price is targeting a new increase above $0.100.
• The price is currently trading above the $0.0950 mark and the 100-hour simple moving average.
• A breakout occurred above a bearish trend line with resistance at $0.0955 on the hourly chart for the DOGE/USD pair (data sourced from Kraken).
• The price could gain bullish momentum if it surpasses the $0.0980 and $0.100 thresholds.

Dogecoin Price Targets Continued Growth

Following a significant downturn, the price of Dogecoin found support around the $0.0888 area. It established a base and has recently begun a recovery wave, similar to Bitcoin and Ethereum. There was an upward movement beyond the $0.0920 and $0.0935 resistance levels.

The price also surpassed the 50% Fibonacci retracement level from the downward decline starting at the $0.0994 swing high down to the $0.0889 low. A break above the bearish trend line with resistance at $0.0955 on the hourly DOGE/USD chart was also noted.

Currently, Dogecoin’s price is above the $0.0950 level and the 100-hour simple moving average. The immediate resistance to watch is around the $0.0970 level, which corresponds to the 76.4% Fibonacci retracement level of the downward move from the $0.0994 swing high to the $0.0889 low.

The next significant resistance is situated near the $0.0995 level. A close above this threshold could propel the price toward the $0.1050 resistance. Continued gains could potentially push it further toward the $0.1150 level, with $0.1200 being the next major target for the bulls.

Could There Be Another Decline In DOGE?

If DOGE’s price cannot break above the $0.0995 level, it might trigger another decline. The initial support on the downside is near the $0.0938 level, with more notable support around the $0.0900 level.

The primary support lies at $0.0880. Should there be a downward breach below this support level, the price could fall further. In such a scenario, the price may drop toward $0.0850 or even $0.0835 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bullish range.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is above the 50 mark.

Major Support Levels – $0.0938 and $0.0900.

Major Resistance Levels – $0.0995 and $0.1050.