Dogecoin (DOGE) is exhibiting significant price action, consolidating gains after a major increase above the $0.10 level against the US Dollar. The meme coin started a fresh rally, climbing above the $0.0950 and $0.0980 resistance levels. A key technical development was a break above a bearish trend line with resistance at $0.0942 on the hourly chart of the DOGE/USD pair, data from Kraken shows.
The price formed a high near $0.1061 before entering a correction phase. It is currently trading above $0.10 and the 100-hourly simple moving average. Immediate resistance is seen near $0.1028, with major hurdles at $0.1050 and $0.1080. A close above $0.1080 could propel DOGE toward $0.1120 and potentially $0.120. Support levels are firm at $0.0988 and $0.0950, with a break below the latter risking a decline toward $0.0920.
On a broader timeframe, Dogecoin is entering a critical phase as it compresses inside a multi-year descending wedge pattern. The asset is trading near a crucial macro support zone between $0.065 and $0.08, which has held as a strong demand area. For a confirmed bullish breakout, DOGE must decisively break above the multi-year descending resistance trendline and reclaim $0.1315 as support, with a potential target near $0.2343. A weekly close below $0.065 would invalidate this structure and signal deeper downside risk.
The recent price move is accompanied by a 113% spike in 24-hour trading volume to $1.84 billion, amplified by a notable short squeeze that liquidated $4.09 million in DOGE shorts. Technical indicators show the hourly MACD losing momentum in the bullish zone, while the weekly RSI sits near the mid-30s, indicating stabilizing but weak momentum. Bollinger Bands on the weekly chart are tightening, signaling declining volatility that often precedes a sharp directional move.
