Key Takeaways:
- Dogecoin price is consolidating above the key $0.0560 support zone.
- DOGE is following a major declining channel with resistance at $0.062 on the daily chart.
- The current price action suggests a possible bullish break towards the $0.072 level.
DOGE is showing bullish signs above $0.060. The bulls seem to be eyeing a major upside break above the $0.0620 and $0.0630 resistance levels.
Dogecoin Price Faces Resistance
This month, BNB saw a bearish wave from the $0.090 resistance zone against the US Dollar. There was a steady decline below the $0.08 and $0.075 support levels.
The price declined below the $0.0600 support zone and settled below the 50-day simple moving average (blue). Finally, the bulls took a stand near the $0.0561 level. A base was formed near $0.0562 and $0.0565.
Dogecoin daily price chart | Source: DOGEUSD on TradingView.com
The price is now consolidating above the $0.0585 level. It is attempting an upside break above the $0.062 resistance zone, similar to bitcoin and ethereum. There is also a major declining channel in place with resistance at $0.062 on the daily chart.
A clear move above the channel resistance might send the price towards the $0.0650 level and 50-day simple moving average (blue). It is close to the 23.6% Fib retracement level of the downward move from the $0.0895 high to $0.0561 low.
The next major resistance could be near the $0.0720 level or the 50% Fib retracement level of the downward move from the $0.0895 high to $0.0561 low. Any more gains might send the price towards the $0.085 level.
Conversely, the price might fail to rise towards $0.062 and react the downside. An immediate support on the downside is near the $0.058 level. The next major support is near $0.0562 and $0.0560.
If there is a downside break, the price might start a major decline towards $0.050. Any more losses could open the doors for a move towards the $0.042 support zone, where the bulls might appear.
Overall, the recent price action and xrp price rally above the $0.50 resistance suggest high chances of an upside break above the $0.0620 resistance zone. If DOGE bulls remain in action, the price might rise towards $0.072 and then $0.085 in the coming days. Conversely, there could be a downside break towards the $0.050 level or even $0.042.
