Dogecoin is correcting losses and gaining pace from $0.1420. DOGE price is signaling signs of life but might face hurdles near $0.1880.
Dogecoin Price Eyes Recovery
The last technical analysis discussed how the Dogecoin price saw bearish moves below the $0.2320 support zone. DOGE underperformed Bitcoin to enter a short-term bearish zone. Finally, the bulls appeared near the $0.1430 zone.
A low was formed at $0.1431, and the price started a recovery wave. There was a move above the $0.170 resistance zone. The price increased and climbed above the 23.6% Fib retracement level of the downward move from the $0.2594 swing high to the $0.1431 low.
Dogecoin is now trading above the $0.1650 support but still well below the 50-day simple moving average. It gained over 5% in the past two sessions, and the current price suggests that the bulls could aim for more gains.
Besides, a key rising channel is forming with support at $0.1660 on the daily chart. Immediate resistance on the upside sits near the $0.1800 level. The first significant resistance is near the $0.1880 level and the 50-day simple moving average. A close above the $0.1800 and $0.1880 resistance levels could set the pace for a larger increase.
The price could rise and drift toward the $0.20 level in the stated case. It is close to the 50% Fib retracement level of the downward move from the $0.2594 swing high to the $0.1431 low. The next key resistance sits near the $0.2150 level. Any more gains might send the DOGE price toward the $0.250 level in the coming days.
Another Decline In DOGE?
Conversely, Dogecoin might struggle to surpass the $0.180 resistance or $0.1880. In the stated case, the price could start another decline. Immediate support on the downside is near the $0.1660 level.
The next major support sits at the $0.160 level. If there is a close below the $0.160 support, the price might accelerate lower and drop toward the $0.1430 support in the medium term. The main support could be $0.1280. A downside break and close below the $0.1280 support might spark heavy bearish moves and call for a test of the $0.1120 level.
Overall, DOGE is signaling a steady recovery above the $0.1650 support. If DOGE settles above $0.1880 and $0.20, it could start an uptrend. If not, Dogecoin’s price could be revisited to $0.1430 support.
