Dogecoin Gears Up to Reclaim $0.1 Amid Bitcoin's Bullish Momentum

▲ Dogecoin (DOGE)

Dogecoin (DOGE) is preparing for a strong upward rally, on the verge of breaking through the major resistance level of $0.10. As Bitcoin (BTC) and Ethereum (ETH) improve overall market sentiment, Dogecoin is also seen pushing its price up based on key support levels.

According to crypto media outlet NewsBTC on April 17 (local time), Dogecoin's price began a full-fledged uptrend by successively surpassing $0.0950 and $0.0975. Currently, Dogecoin maintains a stable trend above the $0.0965 level and the 100-hour Simple Moving Average (SMA). On the hourly chart, a bullish trend line has formed with support at $0.0970, raising expectations for further gains.

Dogecoin recently reached a high of $0.0997 and is currently undergoing a mild price correction. During this process, it briefly dipped below the 23.6% Fibonacci retracement level from the low of $0.0945 to the high of $0.0997, but it is still consolidating energy above key support zones. According to Kraken data, as long as the support level around $0.0970 is not broken, Dogecoin's bullish momentum is likely to be maintained.

For upward resistance, $0.0990 and $0.0995 act as the first hurdles. The key resistance level most closely watched by bulls is the psychological threshold of $0.10. If Dogecoin successfully closes and settles above $0.10, the next target prices will open up to $0.1120 and $0.1150, eventually reaching $0.120. Market experts analyzed that breaking $0.10 could be the signal for Dogecoin to enter a full-blown parabolic rally.

However, if Dogecoin fails to overcome the strong resistance at $0.10, a downward correction is inevitable. In this scenario, the $0.0970 trend line support and the area around $0.0965 are expected to act as the first lines of defense. In particular, $0.0965 is a point that coincides with the 61.8% Fibonacci retracement level, and if this zone collapses, additional downward price pressure could intensify.

Dogecoin's future trajectory depends on whether Bitcoin can maintain the $75,000 level and sustain the market's risk-on sentiment. Currently, Dogecoin is absorbing liquidity in the altcoin market based on low transaction fees and strong community support. If this attempt to break $0.10 concludes successfully, Dogecoin is expected to once again lead the memecoin craze and emerge as a protagonist in the market.

*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.*