Dogecoin (DOGE) Price Just Signaled “Buy” And It’s Poised For More Gains

Key Takeaways:

  • Dogecoin price is eyeing a strong increase above the $0.062 resistance.
  • DOGE cleared a key declining channel with resistance at $0.0610 on the daily chart.
  • The current trend suggests high chances of a steady rally towards $0.0720 or $0.085.
Dogecoin Price Eyes Fresh Rally
Dogecoin Price Eyes Fresh Rally | Photo by Gilly on Unsplash

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, Dogecoin (DOGE) Price Just Signaled “Buy” And It’s Poised For More Gains

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.

close
dogecoin, Dogecoin (DOGE) Price Just Signaled “Buy” And It’s Poised For More Gains

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com WestcoastNFT.com