DOGE is moving higher above $0.0620. The current price action suggests a crucial upside break and a target of the $0.0720 resistance.
Dogecoin Price Eyes Fresh Rally
In the past few days, DOGE formed a base above the $0.0555 level against the US Dollar. The price remained stable and started a fresh increase above the $0.0585 resistance zone.
The price was able to clear the $0.0600 resistance and the 50-day simple moving average (blue). More importantly, there was a break above a key declining channel with resistance at $0.0610 on the daily chart.
Dogecoin daily price chart | Source: DOGEUSD on TradingView.com
The price is now trading above the 23.6% Fib retracement level of the main decline from the $0.0895 high to $0.0556 low. It seems to be consolidating gains above the $0.0620 level, with a strong bullish daily candle.
An immediate resistance is near the $0.0665 level. The first major resistance is near the $0.0720 level. It is near the 50% Fib retracement level of the main decline from the $0.0895 high to $0.0556 low.
A clear move above the $0.072 resistance might open the doors for a strong upward move. The next major resistance could be near the $0.0767. Any more gains might send the price towards the $0.085 resistance.
Conversely, the price might fail to rise towards $0.072 and start a downside correction. An immediate support on the downside is near the $0.062 level and the 50-day SMA. The next major support is near $0.0600.
If there is a downside break below the $0.060 support, the price might start a major decline towards $0.0555. Any more losses could open the doors for a move towards the $0.050 support zone, where the bulls might appear.
Overall, the recent gain of over 5% and the current movement in bitcoin and ethereum point a steady increase in dogecoin price. If DOGE bulls remain in action, the price might rise towards $0.072 and then $0.085 in the near term. Conversely, there could be a downside correction towards the $0.060 support zone. The main support sits near the $0.0550 level, which is a major breakdown zone.
