Dogecoin Surges 6.87% in 24 Hours, Tests Key Resistance Levels

Dogecoin (DOGE) has experienced a notable price increase, with its value rising by 6.87% over the past 24 hours. This upward trend has pushed the cryptocurrency back into the green zone, according to CoinStats. The hourly chart indicates that DOGE has made a false breakout of the local resistance at $0.1668. If the daily bar closes near the support level, there is a potential for a breakout, followed by a further test of the $0.16 range. On a larger time frame, attention should be paid to the candle's closure in relation to the $0.1652 level. If a breakout occurs, traders may witness a further upward move to the $0.17 zone. From a midterm perspective, the price of DOGE is within the previous bar, suggesting that neither side is currently dominating. This implies that sideways trading in the area of $0.16-$0.18 is the more likely scenario. At the time of press, DOGE is trading at $0.1638.

DOGE has shown signs of recovery, with its price trading near $0.1256 after a brief selloff that pushed it below the key support level of $0.118. The rebound is supported by a retest of the 4-hour ascending trendline, which has helped DOGE reclaim its short-term trendline. This recovery is marked by a bullish engulfing candle, indicating a potential reversal in the price trend. Currently, DOGE is testing short-term resistance around $0.127, with the next significant resistance levels at $0.129–$0.130. The 4-hour chart reveals a developing bullish structure, supported by the Supertrend indicator turning green. The Bollinger Bands are widening, suggesting an increase in price volatility. The 20/50 EMA cluster at $0.127–$0.129 serves as a key short-term resistance. On the 30-minute chart, the Relative Strength Index (RSI) is climbing steadily, currently at 63.6, indicating growing bullish momentum but nearing the overbought region. The Moving Average Convergence Divergence (MACD) shows a bullish crossover, although the histogram is beginning to soften, suggesting that the initial upward thrust may be cooling.

The Supertrend has turned bullish on the 4-hour chart, with trailing support near $0.1183. The Directional Movement Index (DMI) readings are mixed, with +DI climbing but -DI still elevated, indicating that buyers are attempting to take control but have not fully asserted dominance. The True Strength Index (TSI) has turned sharply higher, crossing above its signal line for the first time since early June, suggesting improving internal strength. The On-Balance Volume (OBV) has risen back to 18.89B, reflecting gradual accumulation. Volume profile analysis on the daily chart reveals a high-volume node near $0.140, which provided key demand support. Price is now pushing into lower resistance clusters just below $0.18. Should this be cleared, upside could extend toward the higher volume imbalance zone between $0.215 and $0.22. Above this, the daily resistance range between $0.1325 and $0.135 remains untested since mid-June and may serve as a strong supply zone if DOGE breaks higher. On the downside, the $0.123 zone remains initial support, with stronger defense near $0.118 — the base of the current rebound and Supertrend support.

In the short term, DOGE is attempting to shift momentum back in favor of the bulls. If the price closes above $0.129 with volume support, a retest of $0.1325 and possibly $0.135 could follow. However, without a confirmed breakout, there remains a risk of consolidation between $0.123 and $0.129 as momentum indicators show early signs of exhaustion. If DOGE fails to maintain above $0.123, the recovery could unwind toward $0.118 and even test the $0.115 zone again.