Dogecoin (DOGE) Price Jumps 10% Following Clean Breakout on 1-Hour Chart

Dogecoin (DOGE) has recently experienced a surge in value, drawing the attention of traders due to its significant 1-hour breakout. Within a short period, DOGE climbed from $0.15663 to $0.17255, indicating a resurgence in bullish sentiment towards this meme coin.

This jump followed a downward trend over several days, followed by a reversal that saw DOGE break through key resistance levels. The breakout on the 1-hour chart confirmed the spike in price, with strong volume supporting the move, and a clear breach of the 7-period and 30-period moving averages (MA7: $0.16634, MA30: $0.1610) marked a shift in short-term momentum.

Currently, DOGE is hovering around $0.1713, consolidating just below the breakout point. The 1-hour chart now displays a bullish structure, with support levels forming around $0.1685.

Looking ahead, technical analysts are monitoring the possibility of DOGE continuing its upward trajectory as long as it maintains support above the $0.1645–$0.1685 range. A break above $0.1725 could lead to a further move towards the next resistance levels in the $0.175–$0.180 range.

With increasing momentum and volume, Dogecoin (DOGE) is displaying a resurgence after a period of consolidation. Traders need to remain vigilant for potential volatility, especially around resistance levels. This breakout on the 1-hour chart may signify the start of a new uptrend, highlighting the importance of risk management and closely monitoring key levels in the coming days.