Key Takeaways:
- Dogecoin price is following a bullish path above $0.0880.
- DOGE is following a parabolic curve with support at $0.0935 on the daily chart.
- The price could start a fresh rally above the $0.10 and $0.106 resistance levels.
New Delhi(CoinChapter.com): DOGE surged toward $0.1060 before it corrected lower. Dogecoin price is still in an uptrend and might soon surge toward $0.120.
Dogecoin Price Eyes Fresh Surge
In the past few days, Dogecoin saw a strong increase from the $0.070 support. The price rallied over 30% and broke many hurdles such as $0.0850 and $0.0880. It even surged above the $0.10 barrier before the bears appeared.
A new multi-week high was formed near $0.1063 before the price started a downside correction. There was a drop below $0.100 and $0.0950. However, the bulls were active near the $0.090 zone. A low was formed near $0.0898 and DOGE price is now attempting a fresh increase.
The recent Fed interest rate decision impacted market sentiment. The Fed opted to keep interest rates unchanged for the third consecutive time. More importantly, a near-unanimous 17 of 19 Fed officials predicted that the policy rate will be lower by the end of 2024 than it is now. It means there could be rate cuts in 2024, pushing cryptocurrencies higher. Most risk assets gained traction and rallied, including Bitcoin and Ethereum.
Dogecoin is also moving higher above $0.0950 and trading well above the 50-day simple moving average (blue). The price is now approaching the $0.0980 resistance and the 50% Fib retracement level of the downward move from the $0.1063 swing high to the $0.0898 low.
The first major resistance on the upside is $0.100. It is close to the 61.8% Fib retracement level of the downward move from the $0.1063 swing high to the $0.0898 low.
A close above the $0.100 resistance could spark a fresh rally in DOGE. In the stated case, the price could even surpass the $0.1060 zone and test $0.1120. Any more gains might send the price toward the $0.120 hurdle.
Another Drop in DOGE?
Conversely, Dogecoin might start another downside correction from $0.100. Immediate support on the downside is near the $0.0935 level. There is also a parabolic curve forming with support at $0.0935 on the daily chart.
A downside break below the curve support could open the doors for a move toward the main support at $0.0880. The next major support is $0.080 or the 50-day simple moving average (blue). A daily close below the $0.080 support might change the trend in the medium term. In this case, Dogecoin could drop toward $0.065.
Overall, DOGE is signaling an uptrend continuation. If Dogecoin price clears the $0.100 hurdle, it could rally toward $0.112 or even $0.120 in the near term. Conversely, the price might take a major hit and revisit $0.080.
