NEW DELHI (CoinChapter.com) — DOGE price doubled in a few days, and the bulls do not show any weakness. Dogecoin might soon accelerate toward $0.20.
Dogecoin Price Signals Strong Uptrend
In the last DOGE price prediction, we discussed why Dogecoin could soon fly above $0.10. The price cleared many hurdles near the $0.095 and $0.10 levels to move in a positive zone. Earlier, it formed a base above the $0.080 level and the 50-week simple moving average (blue).
The bulls took control and were able to pump the price above a major bearish trend line with resistance at $0.0995 on the weekly chart. There were back-to-back green weekly candles. Finally, the price even cleared the 76.4% Fib retracement level of the downward move from the $0.1589 swing high to the $0.0550 low.
Many other meme cryptocurrencies gained strength in the past few days, including PEPE and FLOKI. If Dogecoin remains stable, there could be more upsides soon.
DOGE is up over 100% in a few days, outperforming Bitcoin. It is now consolidating near the last swing high at $0.1580. A clear move above the $0.1580 resistance could open the doors for more upsides in the coming days.
The next key resistance is near the $0.1720 zone. A close above the $0.1720 resistance could send the price toward the $0.1840 level. The main stop for the bulls could be $0.200 or the 1.618 Fib extension level of the downward move from the $0.1589 swing high to the $0.0550 low at $0.2230.
Downside Correction In DOGE?
Conversely, the DOGE price might start a downside correction from $0.1580. Immediate support on the downside is near the $0.1420 level. The first major support is near the $0.120 level.
A close below the $0.120 support zone could send the price toward the $0.10 pivot level (the recent breakout zone). The next major support is near the 50-week simple moving average (blue), below which Dogecoin could drop toward $0.080.
Overall, DOGE is signaling a bullish reversal. If the Dogecoin price clears the $0.1580 hurdle, it could rally further toward $0.1840 or even $0.20 soon. Conversely, the price might be lower and revisit the $0.120 support.
