According to the NewsBTC Analytics:
Dogecoin Price (DOGE) Bounces to $0.125: Will This Rally Sustain?
After forming a base above the $0.1050 level, Dogecoin price started a decent increase. DOGE cleared the $0.1150 resistance to move into a positive zone like Bitcoin and Ethereum. The price even climbed above the $0.120 level and the 100-hourly simple moving average.
A high was formed at $0.1264 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1167 swing low to the $0.1264 high.
Dogecoin is now trading above the $0.1220 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1195 on the hourly chart of the DOGE/USD pair. If there is a fresh increase, the price might face resistance near the $0.1265 level.
If DOGEâs price fails to gain pace above the $0.1265 level, it could start a downside correction. Initial support on the downside is near the $0.1240 level. The next major support is near the $0.1215 level and the 50% Fib retracement level of the upward move from the $0.1167 swing low to the $0.1264 high.
