Key Takeaways:
- Dogecoin’s price is consolidating above the $0.075 support.
- A key bearish trend line is forming with resistance near $0.080 on the 4-hour chart.
- DOGE could either nosedive below $0.075 or start a fresh increase above $0.080.
Dogecoin Price Prediction | Image by emrahkarakas from Pixabay
DOGE is preparing for the next major move. Dogecoin price must stay above the $0.075 support to start a new increase soon.
Dogecoin Price Faces Uphill Task
After a short-term increase, DOGE’s price faced a strong resistance near $0.082 against the US dollar. The price traded as high as $0.0820 and recently started a fresh decline.
There was a steady move below the $0.080 support and the 50 simple moving average (blue, 4 hours). The recent bearish price movements in Bitcoin and Ethereum also dragged Dogecoin lower into a bearish zone.
Dogecoin price 4-hours chart | Source: DOGEUSD on TradingView.com
DOGE declined below the 50% Fib retracement level of the upward move from the $0.0745 swing low to the $0.0820 high. It shows a few bearish signs near $0.078 and below the 50 simple moving average (blue, 4 hours).
Immediate support on the downside is near the $0.0765 level. Additionally, it is near the 76.4% Fib retracement level of the upward move from the $0.0745 swing low to the $0.0820 high.
The main support is near the $0.0750 level. A downside break and close below the $0.0750 support could start a major decline. The next major support is near $0.070, below which the price might gain bearish momentum toward $0.0688. Any more losses could open the doors for a move toward the crucial support at $0.065.
Bearish Breakdown?
Conversely, DOGE might start a new increase from $0.0765. Immediate resistance on the upside is near the $0.080 level. A key bearish trend line is forming with resistance near $0.080 on the 4-hour chart.
A clear move above the $0.080 resistance could start another rally. The next major resistance could be near the $0.0820 zone, above which DOGE might revisit the $0.0920 zone. Finally, any more gains might send the price toward the $0.100 resistance.
Overall, DOGE is consolidating above crucial support near the $0.075 level. If Dogecoin’s price clears the $0.080 resistance zone, it could steadily increase toward $0.10. Conversely, a nasty decline could be below the $0.075 support in the coming sessions.
