NEW DELHI (CoinChapter.com) — Dogecoin DOGE price is signaling a bullish breakout above the $0.080 pivot level. It could rise steadily toward $0.20 in the coming weeks.
Dogecoin DOGE Price Eyes Steady Increase
After a monstrous decline, Dogecoin DOGE price found support near the $0.055 zone. A low was formed near $0.0550 before the price started a consolidation phase. In the past few weeks, there have been positive moves in Bitcoin and Ethereum. Other cryptocurrencies, including Solana, Cardano, and Dogecoin also benefited.
Dogecoin DOGE price formed a base and started a steady increase above the $0.062 resistance. It cleared a key bearish trend line with resistance at $0.0620 on the weekly chart. The bulls were able to pump the price above the 23.6% Fib retracement level of the main decline from the $0.1589 swing high to the $0.0550 low.
The Dogecoin DOGE price is now trading well above $0.080 and the 50-week simple moving average (blue). These all are bullish signs and suggest a possible bottom near $0.0550.
If the bulls remain in action, Dogecoin DOGE price could continue to rise above the $0.10 resistance zone and the 50% Fib retracement level of the main decline from the $0.1589 swing high to the $0.0550 low. In the stated case, the price could surge over 100% and even surpass the $0.1580 resistance.
The next key resistance is near the $0.20 zone. A close above the $0.20 resistance could spark a significant upward move. In the stated case, the price could even test the $0.320 resistance zone in the coming months or by the middle of 2024.
Another Rejection in DOGE?
Conversely, DOGE might start another downside correction from $0.10. Immediate support on the downside is near the $0.080 level. The first major support is near the $0.0740 level and the 50-week simple moving average (blue).
A close below the 50-week simple moving average (blue) might signal a bearish wave. The next major support is $0.0620, below which Dogecoin could drop toward $0.0550. Any more losses send the price to $0.050.
Overall, DOGE is signaling a bullish reversal. If Dogecoin price clears the $0.10 hurdle, it could rally toward $0.150 or even $0.20 in the near term. Conversely, the price might correct lower and revisit the $0.074 support.
