DOGECOIN PRICE TURNS GREEN
In the past few sessions, Dogecoin price started a decent increase from the $0.080 support zone. DOGE cleared many hurdles near $0.0820 to enter a positive zone.
There was a break above a key contracting triangle with resistance at $0.0820 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.0850 resistance, but the upsides were less thanĀ BitcoinĀ andĀ Ethereum. A high is formed near $0.0883 and the price is now consolidating gains.
It is trading above the 23.6% Fib retracement level of the recent increase from the $0.0795 swing low to the $0.0883 high. DOGE is also trading above the $0.0865 level and the 100 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.0880 level. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance might send the price toward the $0.095 resistance. The next major resistance is near $0.100. Any more gains might send the price toward the $0.120 level.
DOWNSIDE CORRECTION IN DOGE?
If DOGEās price fails to gain pace above the $0.0880 level, it could start a downside correction. Initial support on the downside is near the $0.0860 level.
The next major support is near the $0.0840 level or the 50% Fib retracement level of the recent increase from the $0.0795 swing low to the $0.0883 high. If there is a downside break below the $0.0840 support, the price could decline further. In the stated case, the price might decline toward the $0.0820 level.
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