Dogecoin (DOGE) Soars 50% In a Flash: Is More Upside Ahead?
Dogecoin (DOGE) has surged above the $0.220 resistance against the US Dollar, up over 50%. The price is currently trading above the $0.2800 level and the 100-hourly simple moving average. A key bullish trend line is forming with support at $0.280 on the hourly chart of the DOGE/USD pair. The price could continue to rally if it clears the $0.3050 and $0.3120 resistance levels.
If DOGE fails to climb above the $0.3050 level, it could start a downside correction. Initial support is near the $0.280 level and the trend line, with the next major support near the $0.2680 level. The main support is at $0.2550, or the 50% Fib retracement level of the upward move from the $0.2013 swing low to the $0.3036 high. Technical indicators include the Hourly MACD gaining momentum in the bullish zone and the RSI above the 50 level.
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