Dogecoin’s Surge: Is a Major Breakout Imminent?

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<a href="https://investment-policy.com/doge-usd/">Dogecoin</a> (<a href="https://pricpr.com/doge-usd/">DOGE</a>) Heats Up: Upside Move Hints at Major Breakout Ahead

Dogecoin has recently surged past the $0.2420 mark against the U.S. dollar, but it’s currently pausing to correct its gains. There’s a possibility that it could resume its upward trend soon.

  • DOGE price started a fresh increase above the $0.2320 and $0.2420 levels.
  • The price is trading above the $0.2420 level and the 100-hourly simple moving average.
  • There is a connecting bullish trend line forming with support at $0.2460 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start a fresh increase if it clears the $0.2550 resistance zone.

Dogecoin Price Extends Gains

As a researcher, I observed a new surge in Dogecoin’s price, having established a strong base at approximately $0.2220 – much like the uptrend seen in both Bitcoin and Ethereum. Subsequently, the value of DOGE overcame the resistance level of around $0.2350, indicating a recovery and continued growth.

Despite the bulls pushing the price over the $0.2420 barrier, which typically acts as resistance, the bears have been active near the $0.2550 mark. A peak was reached at $0.2542, and currently, the price is experiencing a pullback from its gains. The downward trend has even dipped below the 23.6% Fibonacci retracement level of the upward journey from the $0.2227 low to the $0.2542 high.

Currently, Dogecoin’s price is higher than $0.2450 and sits above its 100-hour moving average. Additionally, a rising bullish trend line is forming, offering support at around $0.2460 on the hourly Dogecoin-to-USD chart.

Initially, there’s likely to be strong opposition when the price rises around $0.2550. The initial significant barrier for the buyers could be at $0.2620, followed by another at $0.2650. Breaking above $0.2680 resistance could potentially push the price up to $0.280. Further increases might lead to $0.2840, while a bullish run could possibly take it up to $0.30 – a significant hurdle for them.

Downside Correction In DOGE?

If DOGE’s price doesn’t manage to rise above the $0.2550 mark, it might trigger another drop. A potential floor for this fall could be at $0.2450 or the trendline, with significant support expected around $0.2385 and the 50% Fibonacci retracement level of the upward journey from the $0.2227 low to the $0.2542 high.

If the price falls below the key support at $0.2320, it may continue to drop and potentially reach levels as low as $0.220 or even $0.2120 in the short term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

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

Major Support Levels – $0.2450 and $0.2350.

Major Resistance Levels – $0.2550 and $0.2620.

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2025-05-23 09:06