NEW DELHI (CoinChapter.com) — Dogecoin (DOGE) price started a fresh rally above the $0.0725 resistance. It is up over 10% and is now eyeing a move toward the $0.010 resistance.
Dogecoin (DOGE) Price Approaches Key Breakout Zone
The upward move gained pace after a close above the $0.072 resistance. The DOGE price surpassed the 76.4% Fib retracement level of the key drop from the $0.0838 swing high to the $0.0550 low, opening the doors for a steady increase.
Dogecoin (DOGE) price is approaching the key $0.0830 resistance zone, following a rising channel with resistance near $0.085 on the daily chart.
The current price action is positive above the $0.0750 level and the 50-day simple moving average (blue). There might be a couple of swing moves toward the $0.0770 level or $0.0750 zone, but the bulls might soon aim for more upsides.
A close above the $0.0830 resistance and the channel trend line could trigger a strong surge. The first major resistance is near the $0.0905 level.
The main target for Dogecoin (DOGE) price bulls might be the $0.10 level. It is close to the 1.618 Fib extension level of the key drop from the $0.0838 swing high to the $0.0550 low. A successful close above the $0.10 resistance could send the price soaring toward the $0.1120 level.
Dips Supported in DOGE?
Conversely, there might be a short-term downside correction in the Dogecoin (DOGE) price from $0.0830. Immediate support on the downside is near the $0.078 level or the channel trend line.
The next major support is $0.0725. The main support sits near the $0.0680 level (a multi-touch zone) and the 50-day simple moving average (blue). Suppose there is a downside break below the $0.068 support. Then, any more losses could open the doors for a move toward the crucial support at $0.055.
Overall, DOGE is gaining bullish momentum above the $0.075 level. If the Dogecoin price clears the $0.085 hurdle, it could drift toward $0.10 or even $0.115 soon. Conversely, the price might be lower and revisit the $0.068 support.