Dogecoin Surges 9% to $0.2420, Faces Resistance at $0.2550

Dogecoin (DOGE) has recently shown significant upward momentum, surpassing the $0.2420 mark against the US Dollar. This surge follows a period of support near $0.2220, mirroring the trends seen in other major cryptocurrencies like Bitcoin and Ethereum. The price has since climbed above the $0.2350 resistance zone, with bulls pushing it further to breach the $0.2420 resistance level. However, bears have been active near the $0.2550 level, leading to a slight correction in gains. The price has formed a high at $0.2542 and is currently trading above the $0.2450 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. Immediate resistance on the upside is near the $0.2550 level, with the first major resistance for the bulls at $0.2620. The next major resistance is near the $0.2650 level. A close above the $0.2680 resistance might send the price toward the $0.280 resistance, with any further gains potentially pushing it toward the $0.2840 level. The next major stop for the bulls might be $0.30.

If DOGE’s price fails to climb above the $0.2550 level, it could start another decline. Initial support on the downside is near the $0.2450 level and the trend line. The next major support is near the $0.2385 level and the 50% Fib retracement level of the upward move from the $0.2227 swing low to the $0.2542 high. The main support sits at $0.2320. If there is a downside break below the $0.2320 support, the price could decline further, potentially falling toward the $0.220 level or even $0.2120 in the near term.

Technical indicators suggest that the MACD for DOGE/USD is now gaining momentum in the bullish zone, while the RSI for DOGE/USD is now above the 50 level. Major support levels are at $0.2450 and $0.2350, with major resistance levels at $0.2550 and $0.2620. The current trend indicates that DOGE is poised for further gains, with a potential major breakout ahead if it can clear the $0.2550 resistance zone. However, a failure to do so could lead to a correction and a potential decline toward lower support levels.