Dogecoin (DOGE) recently saw a correction in its price, testing the $0.150 zone against the US Dollar. Despite this pullback, DOGE is establishing a base and exhibits signs of a possible upward movement above $0.1520.

Recent Price Trends

After surging towards $0.160, DOGE experienced a retracement, but it's currently trading above $0.150 and the 100-hourly simple moving average. According to Kraken data, there's a crucial bullish trend line forming with support at $0.1485 on the hourly chart of the DOGE/USD pair.

Key Resistance Levels

DOGE encounters resistance around $0.1515, close to the 23.6% Fibonacci retracement level from its recent high to low. The next significant resistance stands at $0.1540, corresponding to the 50% Fibonacci retracement level. Breaking this resistance could propel DOGE towards $0.160, followed by further gains towards $0.1650 and $0.1720.

Support Levels and Potential Downside

Failure to surpass the $0.1540 resistance may lead to another decline. Initial support lies near $0.150 and the trend line, followed by major support at $0.1445. A break below this level might trigger a decline towards $0.1350.

Conclusion

Dogecoin's price movement suggests a consolidation phase with potential for an upward surge above key resistance levels. Sustaining above $0.150 and breaching $0.1540 are crucial for bullish momentum. Investors should monitor these levels closely to assess DOGE's next direction.