Key Takeaways:
- Dogecoin price restarted its increase from the $0.1230 support zone.
- DOGE traded above a key bullish flag with resistance at $0.1758 on the daily chart.
- The bulls seem to be aiming for a move toward the $0.30 resistance.
NEW DELHI (CoinChapter.com) — DOGE is gaining bullish momentum above $0.20. Dogecoin price could correct a few points before a fresh surge toward $0.250 or $0.30.
Dogecoin Price Regains Strength
In the last technical analysis, we discussed the importance of the 50-day simple moving average (blue) after a massive 50% drop in DOGE. The bulls remained active above the 50-day simple moving average (blue). A low was formed at $0.1229, and the Dogecoin price started a fresh surge.
It gained over 80% in a few days and broke many hurdles near $0.180, outperforming Bitcoin. The price traded above a key bullish flag with resistance at $0.1758 on the daily chart, opening the doors for more upside above the $0.200 level.
A new multi-month high was formed near $0.2286, and the price is now consolidating gains. DOGE is trading above the 23.6% Fib retracement level of the upward wave from the $0.1229 swing low to the $0.2286 swing high.
Bullish Price Forecast
On the upside, the price faces resistance near the $0.2285 level. The first major resistance is near the $0.235 level. A clear move above the $0.235 level could easily send Dogecoin toward the $0.25 level. If the bulls remain in action above the $0.250 level, it could open the doors for a move toward the $0.30 level.
Conversely, the DOGE price might start another downside correction. Immediate support is seen near the $0.2040 level. The first major support is forming at $0.184.
The next major support is at $0.1755 or the 50% Fib retracement level of the upward wave from the $0.1229 swing low to the $0.2286 swing high. The main support is now forming near the $0.140 zone or the 50-day simple moving average (blue).
If the bulls fail to defend the $0.140 support, it could spark heavy losses. In the stated case, the bears could aim for a downside thrust toward the $0.120 pivot level.
Overall, DOGE is gaining bullish momentum above the $0.20 zone. It seems like they could soon aim for more upsides toward the $0.250 level and then $0.30 in the coming days.
