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▲ Dogecoin (DOGE)
Dogecoin (DOGE) is maintaining strength above $0.1120, increasing the possibility of further upward breakouts. Analysis suggests that if it surpasses the $0.1165 resistance level, a short-term upward trend towards $0.120 and $0.1220 could open up.
NewsBTC reported on May 6th that Dogecoin entered a positive zone after surpassing the $0.1080 resistance level and rising above $0.1120 and $0.1150. After settling above $0.1050, Dogecoin began a new upward trend, similar to Bitcoin (BTC) and Ethereum (ETH).
Buying pressure pushed the price above $0.1150, and Dogecoin formed a peak at $0.1165, subsequently consolidating its gains. It is moving above the 23.6% Fibonacci retracement line of the upward segment from the $0.1088 low to the $0.1165 high, and is trading above $0.1120 and the 100-hour Simple Moving Average.
In terms of technical structure, a bullish trendline with support at $0.1125 has formed on the hourly Dogecoin-to-dollar chart. Immediate overhead resistance is around $0.1165, and the first key resistance for buyers is $0.120. The next major resistance is presented at $0.1220. If the $0.1220 resistance level is clearly surpassed, the price could aim for $0.1250, and if the upward momentum continues, $0.1320 and $0.1350 are also mentioned as subsequent target zones.
Conversely, if Dogecoin fails to clear $0.1165, a downward correction could begin. The first downside support is at $0.1135, and the next major support is around $0.1125 or the ascending trendline. This area is also close to the 50% Fibonacci retracement line of the upward move from the $0.1088 low to the $0.1165 high.
A key support level is $0.110. If the $0.110 support level breaks, Dogecoin could enter a further decline, with a potential short-term drop to $0.1050 or $0.1020. The hourly Moving Average Convergence Divergence (MACD) is building momentum in the bullish zone, and the hourly Relative Strength Index (RSI) is also above 50. Dogecoin's short-term direction is expected to be determined between a breakout above $0.1165 and a defense of $0.1120.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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