Dogecoin (DOGE) is once again showing signs of upward momentum, driven by a strengthening market for Bitcoin and Ethereum. The meme coin, known for its volatility and dedicated following, is approaching key resistance zones that could define its short-term trajectory.
Current Situation Overview for Dogecoin
According to current market data, DOGE is holding firm above the $0.1680 support level and the 100-hour Simple Moving Average (SMA), building a foundation for a potential bullish breakout.
Key Resistance Levels
The first major resistance lies at $0.1720. A successful breach of this level would set the stage for a test of the next barrier at $0.1750. This area also aligns with the 61.8% Fibonacci retracement level near $0.1730, making it attractive for buyers. Should bulls push DOGE beyond $0.1750, the path toward $0.1800 and $0.2000 opens up. Momentum indicators such as MACD and RSI are currently in bullish zones, further supporting a breakout thesis.
Downside Risks
However, failure to overcome the $0.1720–$0.1750 resistance zone could trigger a retracement. Immediate support is at $0.1680, reinforced by an ascending trendline on the hourly chart. Below that, secondary support appears at $0.1650, and a more critical level is at $0.1610. A break below $0.1610 could accelerate downward pressure, potentially dragging the price toward $0.1550 or even $0.1520.
While Dogecoin is sending bullish signals and riding broader market optimism, confirmation will depend on its ability to decisively break the $0.1720 and $0.1750 resistance levels. Until then, cautious optimism may be the most prudent approach for traders.
