NEW DELHI (CoinChapter.com) — DOGE is gaining momentum above $0.090. Dogecoin price seems to be aiming a strong move above the $0.10 resistance.
Dogecoin Price Starts Its Ascend
This month, Dogecoin formed a support base above the $0.0750 level. The bulls took control and were able to push the price above the $0.0820 resistance zone to set the pace for a fresh increase. Recently, there were strong bullish moves in Bitcoin above $55,000 and $58,000.
BTC even broke the $60,000 resistance, sparking positive moves in altcoins. Once it cools down, there could be a steady increase in altcoins. DOGE is now trading well above the 50-day simple moving average (blue) and the 61.8% Fib retracement level of the downward move from the $0.1073 swing high to the $0.0731 low.
The current price action is positive in Dogecoin and suggests more upsides. The price is now consolidating near the 76.4% Fib retracement level of the downward move from the $0.1073 swing high to the $0.0731 low.
More importantly, DOGE is following a major bullish trend line with support at $0.0850 on the daily chart. It seems like the bulls might soon attempt a fresh increase above the $0.10 resistance.
The first major resistance on the upside is $0.1060. A close above the $0.1060 resistance could spark strong bullish moves. In the stated case, the price could even surpass the $0.120 resistance and test $0.1250. Any more gains might send the price toward the $0.1320 hurdle.
Downside Correction In DOGE?
Conversely, Dogecoin price might start a downside correction from $0.10. Immediate support sits near the $0.095 level. The first key support for DOGE is near the $0.0912 level.
A downside break below the $0.0912 support could send the price toward the trend line support or the 50-day simple moving average (blue). Any more losses might call for a downside thrust toward the $0.0740 pivot level or the $0.0725 low.
Overall, DOGE is gaining bullish momentum above the $0.095 resistance. If Dogecoin price settles above the $0.10 barrier, there could be a drift toward the $0.120 or $0.132 level. If not, the price might correct lower to $0.0850.
