Dogecoin

Momentum

Resistance

Dogecoin corrected gains and tested the $0.150 zone against the US Dollar. DOGE is now forming a base and might start a fresh increase above $0.1520. 
<ul> 
 <li>DOGE price jumped toward $0.160 before correcting gains.</li> 
 <li>The price is trading above the $0.150 level and the 100-hourly simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $0.1485 on the hourly chart of the DOGE/USD pair (data source from Kraken).</li> 
 <li>The price must settle above $0.1540 to move into a positive zone and start a fresh surge.</li> 
</ul> 
<h2 id="dogecoin-price-holds-support">Dogecoin Price Holds Support</h2> 
After a steady increase, Dogecoin price faced resistance near the $0.160 zone. A high was formed at $0.1594 before DOGE started a downside correction like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k-3/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/all/ethereum-price-correction-2925/" target="_blank" rel="noopener ">Ethereum</a>. There was a drop below the $0.1540 support zone. 
A low was formed at $0.1488 and DOGE is now consolidating for the next move. Dogecoin is still trading above the $0.150 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1485 on the hourly chart of the DOGE/USD pair. 
On the upside, the price is facing resistance near the $0.1515 level. It is near the 23.6% Fib retracement level of the downward move from the $0.1594 swing high to the $0.1488 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-608505 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461" alt="Dogecoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Doegcoin-DOGE_658f6a.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major resistance is near the $0.1540 level or the 50% Fib retracement level of the downward move from the $0.1594 swing high to the $0.1488 low. A close above the $0.1540 resistance might send the price toward the $0.160 resistance. Any more gains might send the price toward the $0.1650 level. The next major stop for the bulls might be $0.1720. 
<h2 id="more-losses-in-doge">More Losses In DOGE?</h2> 
If DOGE’s price fails to gain pace above the $0.1540 level, it could start another decline. Initial support on the downside is near the $0.150 level and the trend line. 
The next major support is near the $0.1445 level. If there is a downside break below the $0.1445 support, the price could decline further. In the stated case, the price might decline toward the $0.1350 level. 
Technical Indicators 
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. 
Major Support Levels – $0.1500, $0.1445 and $0.1350. 
Major Resistance Levels – $0.1515, $0.1540, and $0.1600.

Is Dogecoin About to Take Off? Indicators Suggest Upward Momentum Ahead

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