Dogecoin, ending sideways movement and 'wiggling' up again...Bullish trendline explodes if 'this' is broken

▲ Dogecoin (DOGE)

Dogecoin (DOGE) is maintaining strength above $0.1120, increasing the possibility of an additional upward breakout. Analysis suggests that if the $0.1165 resistance level is surpassed, a short-term upward trend towards $0.120 and $0.1220 could open up.

NewsBTC reported on May 6 that Dogecoin entered a positive zone after breaking above the $0.1080 resistance level and rising above $0.1120 and $0.1150. Dogecoin settled above $0.1050 and then began a new uptrend, similar to Bitcoin (BTC) and Ethereum (ETH).

Buying pressure pushed the price above $0.1150, and Dogecoin formed a high at $0.1165, then consolidated its gains. It is trading above the 23.6% Fibonacci retracement level of the upward move from the $0.1088 low to the $0.1165 high, and 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 near $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 were also mentioned as the next target zones.

Conversely, if Dogecoin fails to break above $0.1165, a downward correction could begin. The first downside support is $0.1135, and the next major support is near $0.1125 or the uptrend line. This zone is also close to the 50% Fibonacci retracement level of the upward move from the $0.1088 low to the $0.1165 high.

The main support level is $0.110. If the $0.110 support level breaks, Dogecoin could enter a further decline, with a possibility of falling to $0.1050 or even $0.1020 in the short term. 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 movement is expected to be decided between breaking $0.1165 and defending $0.1120.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*