Dogecoin Surges 15% Targeting $0.2650 Resistance

Dogecoin (DOGE) has recently exhibited a notable upward trend, initiating a fresh increase from the $0.220 zone against the US Dollar. This surge has gained significant momentum, with DOGE now targeting the $0.2650 zone. The cryptocurrency has shown strong upward momentum, with a recent price action confirming a technical breakout as it successfully surpassed the critical $0.22 resistance level. This breakout has formed a bullish inverse head-and-shoulders pattern, which is often seen as a strong indicator of a potential continued upward trend.

The bulls have pushed the price above the 50% Fib retracement level of the downward move from the $0.2531 swing high to the $0.2173 low. Additionally, there is a connecting bullish trend line forming with support at $0.2350 on the hourly chart of the DOGE/USD pair. Immediate resistance on the upside is near the $0.240 level. The first major resistance for the bulls could be near the $0.2440 level and the 76.4% Fib retracement level of the downward move from the $0.2531 swing high to the $0.2173 low. The next major resistance is near the $0.2530 level. A close above the $0.2530 resistance might send the price toward the $0.2650 resistance. Any more gains might send the price toward the $0.2720 level. The next major stop for the bulls might be $0.2850.

If DOGE’s price fails to climb above the $0.2440 level, it could start another decline. Initial support on the downside is near the $0.2350 level. The next major support is near the $0.2250 level. The main support sits at $0.2150. If there is a downside break below the $0.2150 support, the price could decline further. In the stated case, the price might decline toward the $0.20 level or even $0.1880 in the near term.

Technical indicators suggest a bullish momentum for DOGE. The MACD for DOGE/USD is now gaining momentum in the bullish zone, and the RSI for DOGE/USD is now above the 50 level. Major support levels are at $0.2350 and $0.2250, while major resistance levels are at $0.2440 and $0.2530.

The current price action suggests that buyers are in control, with strong upward momentum driving the price higher. If this trend continues, DOGE could see further gains in the coming days and weeks. The meme coin is currently in its final accumulation phase, gearing up for what some analysts predict could be a mega bull season. This prediction is based on the current price action and the formation of the bullish inverse head-and-shoulders pattern, which is often seen as a strong indicator of a potential continued upward trend. However, it is important to note that this is an analyst's forecast and not a guarantee of future price action.