Dogecoin has recently performed quite well, soaring to a high of $0.1520. However, the current situation is a bit delicate — the price has started to fluctuate at this level, entering a correction phase.

From a technical perspective, DOGE has shown several highlights in this recent rally. The price first broke through $0.1480, then surged past $0.1520 again, demonstrating bullish strength. But now it has fallen back below $0.150 and dropped below the 100-hour simple moving average. On the hourly chart, a converging triangle pattern can be seen forming around $0.150, indicating that the market is accumulating energy.

From the low of $0.1155 rebound to the recent high of $0.1541, the price touched the 23.6% Fibonacci retracement level, which is often a critical point for bulls to defend. Currently, as long as the price can stay above $0.140, there is potential for another upward move. If it breaks below this key support, it may face greater downward pressure.

Overall, Dogecoin is now in a new upward cycle, similar to Bitcoin and Ethereum. The key is whether it can hold the $0.140 support line.