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Dogecoin Rally Runs Into Massive Weekly Resistance: $0.005 Holds The Key

Dogecoin rallied this week from the $0.0022 support area and gained over 100% against the US Dollar. DOGE is currently facing a strong resistance near $0.0500 on the weekly chart.

▪ Dogecoin price gained heavily in the past few sessions and rallied more than 100% against the US dollar.
▪ The price spiked above the $0.0500 resistance, but it failed to settle and trimmed gains.
▪ Earlier, there was a break above a connecting bearish trend line with resistance near $0.0025 on the weekly chart of the DOGE/USDT pair (data source from Binance).
▪ The pair is currently down more than 40% from the local high and a massive weekly resistance.