Dogecoin is holding gains above $0.1880 and $0.20. DOGE price is now consolidating and might soon aim for a fresh surge above $0.250.
Dogecoin Price Holds Uptrend Support
In the last technical analysis, we saw a downside correction in Dogecoin price from the $0.2880 zone. The price dipped below the $0.250 and $0.220 support levels. Finally, the bulls appeared near $0.1890, and the price started a fresh increase, like Bitcoin.
The price was able to recover above the $0.200 and $0.2050 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $0.2873 swing high to the $0.1890 low.
Dogecoin is now holding the $0.220 support and the 50-day simple moving average. There is also a connecting bullish trend line formed with support at $0.220 on the daily chart.
If the trend line support holds, the price might attempt another increase. Immediate resistance on the upside is near the $0.2380 level. The first major hurdle for bulls could be $0.250. It coincides with the 61.8% Fib retracement level of the downward move from the $0.2873 swing high to the $0.1890 low.
A close above $0.250 could set the pace for a larger increase. In the stated case, the price could rise and drift toward $0.2640 level. The next key target might be $0.2880. Any more gains might send DOGE price toward the $0.30 handle in the coming days.
Downside Break In DOGE?
Conversely, Dogecoin might struggle to surpass the $0.2380 resistance or $0.250. In the stated case, the price could start a fresh decline. Immediate support on the downside is near the $0.220 level and the 50-day simple moving average or the trend line.
A close below the trend line support might increase selling pressure. The next major support sits near the $0.1890 low. If the bulls fail to defend $0.1890, the price might accelerate lower and drop toward $0.1620. The main support could be $0.150. A downside break and close below $0.150 might spark heavy bearish moves and might call for a test of the $0.120 pivot level.
Overall, DOGE is consolidating above the key support at $0.220 and the 50-day simple moving average. To start a fresh increase, the price must surpass the $0.2380 and $0.250 resistance levels. If not, it could continue lower toward $0.1890.
