dailyloe.com – Dogecoin (DOGE) has recently shown a strengthening trend after rebounding from the US$0.0970 area against the US dollar, opening the door for a potential extended rally despite facing key resistance levels ahead.
Technically, DOGE has recorded a steady climb, breaking above the US$0.0950 and US$0.0985 levels. The price is now trading above US$0.0980 and remains supported by the 100-hour Simple Moving Average (SMA), indicating that bullish sentiment still dominates the market.
A rising trend line has also formed, providing support around US$0.0978 on the hourly DOGE/USD chart. As long as the price holds above the US$0.0970 level, the potential for continued upward movement remains intact.
However, selling pressure is still evident near the US$0.0995 level. This area aligns with the 61.8% Fibonacci retracement of the recent decline from US$0.1008 to US$0.0969, making it a significant barrier for further gains.
If DOGE manages to break above US$0.0995, the next upside target lies at the psychological level of US$0.10. Beyond that, the next major resistance stands at US$0.1050. A successful move above this level could pave the way for a rally toward US$0.1120 and US$0.120, with a further extension potentially reaching US$0.1250 in the medium term.
On the downside, failure to surpass the US$0.0995 resistance could trigger a correction. Initial support is seen near US$0.0975, followed by a key level at US$0.0970. The primary support lies at US$0.0950. A break below this level may lead to further declines toward US$0.0920 or even US$0.090 in the near term.
Technical indicators continue to support a bullish outlook. The hourly MACD is gaining momentum in positive territory, while the Relative Strength Index (RSI) remains above the 50 level, suggesting that buying pressure still outweighs selling pressure.
Overall, Dogecoin’s near-term direction will largely depend on its ability to break above key resistance levels or maintain support above critical price zones.
