Key Takeaways:
- Dogecoin price started a recovery wave above the $0.0950 resistance.
- DOGE cleared a key bearish trend line with resistance at $0.1020 on the daily chart.
- The price must clear the 50-day simple moving average (blue) to gain a bullish pace.
DOGE is attempting an upside break above $0.100. Dogecoin price must stay above the $0.0950 zone to start a fresh rally.
Dogecoin Price Aims Fresh Surge
This past week, Dogecoin price extended losses below the $0.0950 level. It even spiked below the $0.0900 level before the bulls emerged. A low was formed at $0.0892 and the price recently started a recovery wave, similar to that of Bitcoin and Ethereum.
DOGE was able to surpass the $0.0950 resistance level. There was a clear move above the 50% Fib retracement level of the downward move from the $0.1155 swing high to the $0.0892 low.
The bulls pushed the price above a key bearish trend line with resistance at $0.1020 on the daily chart. Finally, the price tested the 61.8% Fib retracement level of the downward move from the $0.1155 swing high to the $0.0892 low at $0.1050.
The current price action is positive, and the recent breakout above the trend line could spark a decent surge. However, many hurdles await the upside. Immediate resistance sits near the $0.1050 level.
The first major barrier is the 50-day simple moving average at $0.1075. A close above this resistance zone could send the price further higher. The next key resistance is near the $0.1155 high, 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 DOGE toward the $0.1440 level in the coming days.
Another Decline In DOGE?
Conversely, Dogecoin might fail to surpass the $0.1050 resistance or the $0.1075 zone. The price might revisit the $0.100 support zone in the stated case. The next major support is near the $0.0950 level. A close below $0.0950 might spark heavy bearish moves.
The next major support is $0.0880. If the bulls fail to defend it, the price might struggle to stay above $0.0820. The next key support is near the $0.0750 region.
Overall, DOGE is attempting a fresh increase above $0.100. To start a fresh surge in the near term, DOGE must settle above the 50-day simple moving average.
