Key Takeaways:
- Dogecoin price started a fresh increase above the $0.10 resistance.
- DOGE cleared a major contracting triangle with resistance near $0.085 on the daily chart.
- The price is trading above $0.10 and might aim a move towards the $0.125 resistance.
New Delhi(Coinchapter.com): DOGE is gaining pace above $0.10. Dogecoin price is showing bullish signs and might even jump above the $0.115 resistance zone.
Dogecoin Price Gain Bullish Momentum
In the last DOGE price prediction, we discussed a possible surge above the $0.085 resistance against the US Dollar. The price remained strong above the $0.0720 support zone.
A base was formed and the price started a fresh surge above the $0.080 resistance, outpacing bitcoin and ethereum. There was a clear move above the 23.6% Fib retracement level of the key drop from the $0.1589 high to $0.0705 low.
The bulls were able to pump the price above the $0.085 resistance and the 50-day simple moving average (blue). Besides, there was a move above a major contracting triangle with resistance near $0.085 on the daily chart.
It opened the doors for more gains above the $0.10 resistance zone. The price is now consolidating above $0.100, with an immediate resistance near the $0.1050 level.
The first major resistance is near the $0.1150 zone. It coincides with the 50% Fib retracement level of the key drop from the $0.1589 high to $0.0705 low. A clear move above the $0.115 resistance might open the doors for more gains.
The next major resistance could be near the $0.125. Any more gains might send the price towards the $0.138 resistance.
Downside Correction?
Conversely, the price might fail to clear the $0.115 and $0.118 resistance levels. An immediate support on the downside is near the $0.0950 level. The next major support is near $0.088.
The main support is now forming near the $0.0850 level, the previous breakout zone, and the 50-day simple moving average (blue). If there is a downside break below the $0.0850 support, the price might gain bearish momentum towards $0.072. Any more losses could open the doors for a move towards the $0.065 support zone.
Overall, DOGE is gaining pace above the $0.10 resistance zone. If dogecoin price clears the $0.115 resistance zone, it could rise further. In the stated case, the bulls might aim a move towards $0.125. Conversely, the current rally might fade and the price might revisit the $0.0850 support.
