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Doge has once again started an upward trend, with the exchange rate against the US dollar briefly breaking through the $0.2320 mark. Currently, Doge is correcting its gains, approaching $0.2180.
- Doge price begins to rise again, breaking through the $0.220 and $0.230 levels.
- Price is trading slightly below the $0.2250 level and the 100-hour simple moving average.
- On the hourly chart of DOGE/USD, a connecting bullish trend line is forming, with support at $0.220 (data source: Kraken).
- If the price breaks through the $0.230 resistance area, a new round of increase may begin.
Doge Price Faces Rejection
After finding support near $0.2110, Doge price began a new round of increase, similar to Bitcoin and Ethereum. The Doge price rose and rebounded above the $0.220 resistance level.
Bulls even pushed the price above the $0.2320 resistance level. However, bears were active around $0.2380. The price formed a high point at $0.2378 and then pulled back. The price fell below the 50% Fibonacci retracement of the upward trend from the low of $0.2109 to the high of $0.2370.
The Doge price is currently slightly below $0.2250 and the 100-hour simple moving average. However, on the hourly chart of Doge/USD, a connecting bullish trend line is forming, with support at $0.220.
The direct resistance in the upward direction is near $0.2250. The first major resistance for bulls may be around $0.2320. The next major resistance is near $0.2380. If the closing price breaks through the $0.2380 resistance level, it may push the price towards the $0.250 resistance level. If the price continues to rise, it may push towards $0.2720. The next major stop-loss for bulls may be $0.2850.
Will Doge Lose More?
If the Doge price fails to break through $0.2320, it may fall again. On the downside, initial support is near $0.220. The next major support is near $0.2170, as well as the 76.4% Fibonacci retracement of the upward trend from the low of $0.2109 to the high of $0.2370.
The main support is at $0.2120. If the support at $0.2120 is broken, the price may fall further. In this case, the price may drop to $0.20 or even $0.1880 in the short term.
