Key Takeaways:
Dogecoin’s price is consolidating above the $0.1112 support.
DOGE cleared a key bearish trend line with resistance at $0.1250 on the daily chart.
The price could form a base above $0.1120 and start a fresh increase in the near term.
Dogecoin price DOGE
NEW DELHI (CoinChapter.com) — DOGE is attempting an upside break above $0.1420. Dogecoin price must stay above the $0.1112 zone to start a fresh rally.
Dogecoin Price Preparing For The Next Move
After finding bids near the $0.0920 zone, Dogecoin started a fresh upward move. It cleared a few key hurdles near the $0.1112 level to move into a positive zone. However, compared to Bitcoin and Ethereum, the upside was limited.
DOGE was able to surpass the 50% Fib retracement level of the downward move from the $0.1742 swing high to the $0.0918 low. Besides, it cleared a key bearish trend line with resistance at $0.1250 on the daily chart.
Dogecoin price daily chart | Source: DOGE/USD on TradingView.com
Finally, the price faced resistance near the $0.1420 level. The bulls failed to clear the 61.8% Fib retracement level of the downward move from the $0.1742 swing high to the $0.0918 low.
The price is slowly correcting gains and struggling to stay above the 50-day simple moving average. It is back near the $0.1220 level and might dip further. However, the $0.1112 support zone is the key for the next move.
On the upside, Dogecoin seems to be facing hurdles near the $0.1320 level. The first major resistance is forming at $0.1420. A close above this zone could send the price further higher.
The next key resistance sits near the $0.1550 high, above which the price could accelerate higher. In the stated case, DOGE could rise and test the $0.1740 resistance. Any more gains might send DOGE toward the $0.1880 level in the coming sessions.
More Downsides In DOGE?
Conversely, Dogecoin might fail to surpass the $0.1320 resistance or the $0.1420 pivot zone. In the stated case, the price might revisit the $0.1112 support zone. A downside break below $0.1112 and a close below the 50-day simple moving average might spark heavy bearish moves.
The next major support is $0.1000. If the bulls fail to defend it, the price might struggle to stay above $0.0920. The next key support is near the $0.0850 region.
Overall, DOGE is struggling to clear the $0.1420 resistance. That said, DOGE could attempt a fresh rally unless it closes below the $0.1112 support in the coming days.
The post Dogecoin Holds Firm: Why DOGE Could It Be the Next To Rally appeared first on CoinChapter.
