Key Takeaways:
- Dogecoin price started a fresh increase above the $0.080 resistance zone.
- DOGE broke a major bearish trend line with resistance at $0.072 on the daily chart.
- The current price action suggests more upsides towards the $0.10 level.
DOGE is showing bullish signs above $0.080. The bulls seem to be in control and there are chances of a move towards the $0.10 level.
Dogecoin Price Breaks Resistance
This past month, BNB saw a bearish wave below the $0.10 level against the US Dollar. There was a steady decline below the $0.08 and $0.065 support levels.
It even spiked below the $0.05 level and settled below the 50-day simple moving average (blue). Finally, the bulls took a stand near the $0.0495 level. A base was formed near $0.05 and $0.052. The price started a steady increase above the $0.0620 and $0.070 levels, similar to bitcoin.
Dogecoin daily price chart | Source: DOGEUSD on TradingView.com
The price climbed above the 23.6% Fib retracement level of the key drop from the $0.171 high to $0.049 low. Besides, the price broke a major bearish trend line with resistance at $0.072 on the daily chart.
It is now trading above the $0.080 level and the 50-day simple moving average (blue). It is attempting an upside break above the $0.090 resistance zone. If the bulls succeed, the price may perhaps retest the $0.10 resistance.
The next major resistance could be near the $0.110 level or the 50% Fib retracement level of the key drop from the $0.171 high to $0.049 low. Any more gains might send the price towards the $0.125 level.
Conversely, the price might fail to rise towards $0.100 and start a downside correction. An immediate support on the downside is near the $0.080 level. The next major support is near $0.070 and the 50-day simple moving average (blue).
If there is a downside break, the price might start a major decline towards $0.062. Any more losses could open the doors for a move towards $0.050.
Overall, the recent upside break has opened the doors for more gains above $0.085. If DOGE bulls remain in action, the price might rise towards $0.10 and then $0.110 in the coming days. Conversely, there could be a downside correction towards the $0.080 level. If the bulls lose control and the price trades below $0.080, the bears may perhaps aim a move towards the $0.062 and $0.060 support levels.
