The solana newsDogecoin market has demonstrated renewed strength after establishing a solid base near the $0.1650 support level against the US Dollar. Current price action indicates growing momentum that could potentially drive DOGE toward the $0.185 territory in coming sessions.
DOGE has successfully breached the $0.170 and $0.172 resistance markers.
The cryptocurrency currently trades above both the $0.1750 psychological level and the 100-hour simple moving average.
A developing bullish trend line with support at $0.1740 appears on the DOGE/USD hourly chart (Kraken data).
Clearing the $0.180 resistance zone could trigger additional upward movement.
Technical Setup Favors Bulls
Following its rebound from the $0.1650 support area, Dogecoin has shown resilience similar to other major digital assets. The recovery above $0.170 marks a significant technical development, with the price now testing higher levels.
The upward move has surpassed the 50% Fibonacci retracement level of the previous decline from $0.1843 to $0.1642. The formation of a bullish trend line at $0.1740 provides additional technical support for the asset.
With DOGE maintaining its position above both $0.1750 and the 100-hour SMA, immediate resistance now stands near $0.1780. Market participants are closely watching this level for potential breakout signals.
The $0.1790 area represents the next significant barrier, coinciding with the 76.4% Fibonacci retracement level. A decisive move above this point could open the path toward $0.1840 resistance. Sustained buying pressure might then target the $0.1880 and $0.1920 levels, with $0.200 emerging as a potential psychological target.
Potential Downside Scenarios
Should DOGE fail to overcome the $0.1790 resistance, a corrective phase could emerge. Initial support appears at $0.1740, followed by stronger buying interest near $0.1720.
The crucial support zone remains at $0.1650. A breakdown below this level might trigger extended declines toward $0.1550 or potentially $0.1450 in shorter timeframes.
Technical Indicators
Hourly MACD shows increasing bullish momentum.
The RSI indicator has moved above the 50 level, confirming improving market conditions.
Key support levels to watch: $0.1740 and $0.1720.
Major resistance areas: $0.1790 and $0.1850.
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