Dogecoin Price Prediction: DOGE Looks Ready To Start Another Surge

Key Takeaways:

  • Dogecoin price is consolidating above the key $0.0740 support.
  • DOGE is trading above a major bullish trend line with support near $0.0742 on the 4-hours chart.
  • The price could start a new rally if there is a clear move above $0.0785 and then $0.080.
Dogecoin Price Eyes Upside Break
Bulls Aim HIgher | Image by emrahkarakas from Pixabay

NEW DELHI (CoinChapter.com) — DOGE has formed a base around the $0.074 zone. In doing so, the Dogecoin price is approaching an important breakout and might soon surge above $0.080.

Dogecoin Price Eyes Upside Break

After forming a base above the $0.0620 level, the DOGE price increased against the US dollar. Finally, the price cleared the $0.065 resistance to move into a positive zone.

There was a clear move above the $0.070 and $0.074 resistance levels. The price even spiked above the $0.0780 resistance but failed to continue higher. However, it seems to be consolidating gains and could eye the next major breakout, similar to Bitcoin and Ethereum.

Dogecoin price 4-hours chart
Dogecoin price 4-hours chart | Source: DOGEUSD on TradingView.com

The recent high was formed near $0.0790 before a minor decline occurred. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0712 swing low to the $0.0790 high.

However, the price is still above the $0.0750 level and the 50 simple moving average (blue, 4 hours). Immediate resistance on the upside is near the $0.0780 level. The first major resistance is near the $0.080 zone.

A clear move above the $0.080 resistance could start a major rally. The next major resistance could be near $0.0865. Any more gains might send the price toward the $0.0920 resistance.

Bearish Reaction?

Conversely, the DOGE price might fail to clear the $0.078 and $0.080 resistance levels. Immediate support on the downside is near the $0.0750 level. The next major support is nearly $0.0742. A major bullish trend line is forming with support near $0.0742 on the 4-hours chart.

The trend line is near the 61.8% Fib retracement level of the upward move from the $0.0712 swing low to the $0.0790 high. If a downside break below the $0.0742 support occurs, the price might gain bearish momentum toward $0.0712.

Any more losses could open the doors for a move toward the crucial support at $0.0680, where the bulls could take a stand.

Overall, DOGE seems to be preparing for a major breakout with resistance at $0.080. It could steadily increase if the Dogecoin price clears the $0.080 resistance zone. Conversely, there could be a fresh decline toward the $0.0712 support.

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