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.
