Key Takeaways:
- Dogecoin price is attempting a fresh increase above the $0.1050 resistance.
- DOGE is following a key rising channel with support at $0.1040 on the daily chart.
- The price must clear the $0.1095 and $0.1155 resistance levels to start a fresh surge.
Dogecoin is eyeing an upside break above $0.1155. DOGE price must stay above the $0.1020 zone to continue higher in the near term.
Dogecoin Price Faces Key Resistance
Dogecoin started a decent recovery wave after forming a base above the $0.0900 level. There was a move above the $0.0950 and $0.1000 resistance levels, but upsides were limited compared to Bitcoin and Ethereum.
DOGE exceeded the 61.8% Fib retracement level of the downward wave from the $0.1155 swing high to the $0.0892 low. More importantly, the price settled above the $0.1000 resistance and the 50-day simple moving average.
However, Dogecoin is now facing several key hurdles near the $0.1095 and $0.1120 levels. Immediate resistance sits near the $0.1095 level or the 76.4% Fib retracement level of the downward wave from the $0.1155 swing high to the $0.0892 low.
A clear move above the $0.1095 resistance could send the price toward the $0.1155 resistance zone (the previous swing high). To continue higher, the price must settle above the $0.1155 level.
The next key resistance sits near the $0.1220 level, above which the price could accelerate higher. In the stated case, DOGE could rise and test the $0.1320 resistance. Any more gains might send the price toward the $0.1440 level in the coming days.
Another Drop In DOGE?
Conversely, Dogecoin might fail to surpass the $0.1095 resistance or the $0.1155 swing high. In the stated case, the price could start another decline. Immediate support on the downside is near a key rising channel at $0.1040 on the daily chart.
The next major support is near the 50-day simple moving average at $0.1022. A close below $0.1022 might spark heavy bearish moves. The next major support sits at $0.0950. If the bulls fail to defend the $0.0950 support, the price might struggle to stay above the $0.0892 low. The next key support sits near the $0.0800 region.
Overall, DOGE is attempting a fresh increase above $0.1050. To continue higher, DOGE must surpass the resistance levels of $0.1095 and $0.1155 in the near term.
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