dogecoin The price is signaling a rise above the $0.080 pivot level. It may rise steadily towards $0.20 in the coming weeks.
A Steady Increase is Observed in Dogecoin DOGE Price
After a scary decline, DOGE price found support near the $0.055 zone. A low was formed near $0.0550 before the price started a consolidation phase. There have been positive movements in Bitcoin and Ethereum over the past few weeks. Other cryptocurrencies, including Solana, Cardano, and Dogecoin, also benefited.
DOGE price formed a base and started a steady increase above the $0.062 resistance. It cleared a key bearish trend line with resistance at $0.0620 on the weekly chart. The bulls managed to push the price above the 23.6% Fib retracement level of the major decline from the $0.1589 swing high to $0.0550 low.
DOGE price is now trading well above $0.080 and the 50-week simple moving average (blue). These are all bullish signs and suggest a possible bottom near $0.0550.
If the bulls remain in action, Dogecoin price could continue to rise above the $0.10 resistance zone and the 50% Fib retracement level of the major decline from the $0.1589 high to $0.0550 low. In the mentioned case, the price could rally above 100% and even surpass the $0.1580 resistance.
The next key resistance is near the $0.20 region. A close above the $0.20 resistance could trigger a significant upside move. In the mentioned case, the price could even test the $0.320 resistance zone in the coming months or by mid-2024.
Backwards, meme coin It could start another downside correction from $0.10. An immediate support on the downside is near the $0.080 level. The first major support is near the $0.0740 level and the 50-week simple moving average (blue).
A close below the 50-week simple moving average (blue) could indicate a bearish wave. The next major support is $0.0620, below which Dogecoin could decline as low as $0.0550. Any further losses would send the price towards $0.050.
Koinfinans.com As we reported, overall, DOGE is signaling a reversal of the rise. If Dogecoin price breaks the $0.10 barrier, it could rally towards $0.150 or even $0.20 in the near term. Conversely, the price could decline and revisit the $0.074 support.