Dogecoin, surpasses $0.1 and starts its rally... If it can't cross 'here', the rise ends

▲ Dogecoin(DOGE)

Dogecoin (DOGE) is continuing its upward trend by retesting the $0.1120 resistance zone, but in the short term, breaking through this price level has been identified as a key watershed for further gains.

NewsBTC analyzed on May 4 (local time) that Dogecoin has continued its upward trend after rebounding from the $0.095 zone and breaking through $0.10, recently extending its upward movement to $0.1120.

According to the report, Dogecoin formed a short-term upward structure by successively breaking through the major resistance lines of $0.10 and $0.105. The current price is trading above the 100-hour simple moving average, and an upward trend line has formed, acting as support around $0.1020.

Technically, the Moving Average Convergence Divergence (MACD) indicator is expanding in the bullish zone, and the Relative Strength Index (RSI) is also maintaining above 50, indicating a continued buying-dominant trend.

On the upside, $0.1075 and $0.1120 were presented as key resistance zones. Specifically, if $0.1120 is broken on a closing basis, there is potential for a rise to $0.115, and further to $0.12.

Conversely, if the upward movement is limited, the possibility of a short-term correction was raised. Initial support levels were presented as $0.1035 and $0.1020, and it was diagnosed that if the key defense line of $0.10 breaks, there is room for a decline to the $0.095 level.

Overall, Dogecoin is maintaining an upward trend, but it is analyzed to have entered an inflection point where further rally or short-term correction depends on whether the $0.1120 resistance is broken.

*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.*