Dogecoin Rebounds From Support But Faces Tough Resistance at $0.180

Dogecoin (DOGE) has initiated a recovery rally from its recent lows against the US Dollar, currently consolidating around $0.165 and eyeing potential gains above $0.172. The meme cryptocurrency recently broke through a critical bearish trendline at $0.1640 on the DOGE/USD hourly chart, according to Kraken data.

Market Analysis:
DOGE began its upward movement from a support level of $0.1565, mirroring broader market trends seen in Bitcoin and Ethereum. The digital asset successfully overcame resistance barriers at $0.1600 and $0.1620 before peaking at $0.1726. Currently trading above both the $0.1650 level and its 100-hour Simple Moving Average, Dogecoin shows potential for further movement.

Key Resistance Levels:
Immediate resistance appears at $0.1710, with more significant barriers at $0.1720 and $0.1750. A decisive break above $0.1750 could propel DOGE toward the psychologically important $0.180 level, with $0.200 and $0.2120 serving as potential longer-term targets.

Potential Downside Risks:
Failure to breach $0.1720 could trigger another pullback. Primary support currently stands at $0.1650 (50% Fibonacci retracement of the recent upswing), followed by stronger support at $0.1620 and critical support at $0.1560. A breakdown below $0.1560 might see DOGE test $0.150 or even $0.1450 levels.

Technical Indicators:
The hourly MACD shows weakening bullish momentum, while the RSI remains above the neutral 50 level, suggesting balanced market conditions.