Key Takeaways:
Dogecoin price rallied over 100% and tested the key barrier at $0.440.
DOGE cleared a major breakout pattern with resistance at $0.120 on the weekly chart.
The price is correcting gains and might find bids near the $0.300 zone.
Dogecoin DOGE price prediction
DOGE price is correcting gains from the $0.40 resistance. Dogecoin must stay above $0.300 to start a fresh increase.
Dogecoin Price Rally Takes Breather
In the last DOGE price prediction, we discussed how Dogecoin could continue to surge if it clears the $0.1700 and $0.1740 resistance levels. First, it cleared a major breakout pattern with resistance at $0.120 on the weekly chart. Second, the bulls were able to pump it above the $0.1740 and $0.200 resistance levels.
Recently, Donald Trump launched the Department of Government Efficiency (D.O.G.E.) with Dogecoin’s supporter Elon Musk as one of the leads of the department.
Is there a puffery-jacket version? IYKYK https://t.co/gnotuaN61n
— Dogecoin (@dogecoin) November 8, 2024
The price gained 100% in the past few days and even surpassed the $0.30 resistance, outpacing Bitcoin and Ethereum. There was a clear move above the 1.618 Fib extension level of the last major drop from the $0.2286 swing high to the $0.0980 support zone.
Dogecoin price weekly chart | Source: DOGEUSD on TradingView.com
Finally, Dogecoin tested a major barrier at $0.440. It represents the 2.618 Fib extension level of the last major drop from the $0.2286 swing high to the $0.0980 support zone.
There was a strong rejection noted, and the price reacted to the downside below $0.400. However, DOGE is still well above the $0.300 support and the 50-week simple moving average (blue). If the bears remain in action, DOGE could test the $0.3480 support zone.
The first major support is near the $0.320 level. The main support zone sits at $0.300. A close below the $0.300 support zone could send the price toward the $0.2280 pivot level. Any more losses could open the doors for a drop toward $0.200.
Another Increase In DOGE?
Conversely, Dogecoin could stay above the $0.300 support and start a fresh increase. Immediate resistance on the upside sits near the $0.400 level. The next key resistance is near the $0.4220 zone. A close above the $0.4220 resistance could send the price toward the $0.4400 level.
If the bulls push the price above $0.440, the price could drift toward the $0.50 milestone level. Any more gains might open the doors for a move to $0.650.
Overall, DOGE is correcting gains from a key resistance zone. Dogecoin must stay above $0.300 to start a fresh increase in the coming days. Conversely, it could trim gains and test the $0.2280 support.
The post Dogecoin (DOGE) Hits Key Barrier: Are Dips Ready To Power The Next Surge? appeared first on CoinChapter.
