Is It Time To Invest In Dogecoin? Here are the Levels to Watch!

Popular meme coin dogecoin (DOGE) price is showing positive signs above $0.150. In this context, the next target of the meme coin is $ 0.1750.

Dogecoin Price Aims to Rise

After a major decline, DOGE found support near the $0.120 region. meme coin The bears tried to push the DOGE price below $0.120 but they failed. The last swing low was $0.120 before the price started a decent increase, similar to Bitcoin.

The price climbed above the $0.1320 and $0.140 resistance levels. In doing so, DOGE price cleared the 23.6% Fib retracement level of the downward move from the $0.2286 swing high to the $0.120 low. Moreover, the price broke a major bearish trend line with resistance near $0.1450 on the daily chart.

Moreover, Dogecoin settled above the $0.150 level and the 50-day simple moving average (blue line). The price has gained about 10% in the last few days, but remains behind Pepe coin.

Dogecoin price is currently facing resistance near the $0.750 region. This zone is near the 50% Fib retracement level of the downward move from the $0.2286 high to $0.120 low and represents a multi-touch zone. A clear move above the $0.1750 level is likely to easily push DOGE towards the $0.1880 level.

Is Now the Time to Invest in Dogecoin?

The next key resistance is near the $0.200 region. If the bulls continue to move above this level, it could open the doors for a move towards the $0.2280 level.

Conversely, it is possible that DOGE price could initiate another downside correction. An immediate support is seen near the $0.1620 level. The first major support is formed near $0.1580 and the 50-day simple moving average (blue).

The main support is now near the $0.1450 area. If the bulls fail to defend this support, it is likely to cause serious losses. In this scenario, it is possible that the bears are targeting a downside push towards the $0.120 support zone.

Overall, DOGE is showing bullish signals above the $0.1580 zone. More rises are likely to be observed towards the $0.200 level and then towards $0.2280 in the coming days.

Writer Adle Dursun about :

I am a Sociology graduate from Muğla Sıtkı Koçman University. I am actively researching and preparing content on cryptocurrency and blockchain.


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