Dogecoin Faces Key Resistance at $0.2320 Amid Bullish Setup—Can DOGE Break Higher?

Dogecoin has made a fresh bullish move, climbing above the $0.2320 mark against the US Dollar, as momentum returned across the crypto market. However, the rally faced rejection near $0.2380, and DOGE is now retracing gains toward key support levels.

Bullish Move and Initial Rejection

After finding solid support around $0.2110, Dogecoin surged alongside Bitcoin and Ethereum. The price broke above the $0.220 and $0.230 resistance zones, reaching a high at $0.2378 before encountering heavy resistance.

Since then, DOGE has retraced, dipping below the 50% Fibonacci retracement level of the upward move from the $0.2109 swing low to the $0.2370 peak. At the time of writing, Dogecoin is trading just under $0.2250, and is sitting slightly below the 100-hourly simple moving average.

A bullish trend line has formed on the hourly chart, offering immediate support at $0.220, helping to sustain upward hopes.

Key Resistance and Support Levels

Dogecoin faces immediate resistance at $0.2250, followed by a key hurdle at $0.2320. A clean breakout above this zone could open the doors to test the $0.2380 resistance, which remains a major short-term barrier.

If the bulls manage to push the price above $0.2380, a move toward $0.250 could be next. Further bullish momentum may carry DOGE to $0.2720, and possibly as high as $0.2850 in the near term.

Bearish Scenario: Risk of Pullback

If Dogecoin fails to break above $0.2320, another downward correction is likely. The first line of defense is at $0.220, supported by the trend line. Stronger support lies at $0.2170, which also coincides with the 76.4% Fibonacci retracement level from the latest swing low.

Should bears manage a clear drop below $0.2120, it could signal a deeper decline toward $0.2000, with a worst-case scenario testing the $0.1880 region.

Technical Indicators

• MACD (Hourly): Bearish momentum building, with the MACD gaining strength in the red zone.
• RSI (Hourly): Currently below 50, indicating weakening bullish momentum.
• Key Support Levels: $0.220, $0.2170, and $0.2120
• Key Resistance Levels: $0.2320, $0.2380, and $0.2500

Conclusion

Dogecoin is at a crossroads. The $0.2320–$0.2380 zone is critical for determining its next move. A breakout could fuel another leg higher, while failure to hold support could see DOGE back at $0.20 or lower. Traders should watch $0.220 and $0.2320 closely in the short term for signs of either breakout or breakdown.