Dogecoin Price Prediction: DOGE Looks Ready To Start Another Surge
DOGE has formed a base around the $0.074 zone. In doing so, the Dogecoin price is approaching an important breakout and might soon surge above $0.080. The post Dogecoin Price Prediction: DOGE Looks Ready To Start Another Surge appeared first on CoinChapter.
Key Takeaways:
- Dogecoin price is consolidating above the key $0.0740 support.
- DOGE is trading above a major bullish trend line with support near $0.0742 on the 4-hours chart.
- The price could start a new rally if there is a clear move above $0.0785 and then $0.080.
NEW DELHI (CoinChapter.com) — DOGE has formed a base around the $0.074 zone. In doing so, the Dogecoin price is approaching an important breakout and might soon surge above $0.080.
Dogecoin Price Eyes Upside Break
After forming a base above the $0.0620 level, the DOGE price increased against the US dollar. Finally, the price cleared the $0.065 resistance to move into a positive zone.
There was a clear move above the $0.070 and $0.074 resistance levels. The price even spiked above the $0.0780 resistance but failed to continue higher. However, it seems to be consolidating gains and could eye the next major breakout, similar to Bitcoin and Ethereum.
The recent high was formed near $0.0790 before a minor decline occurred. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0712 swing low to the $0.0790 high.
However, the price is still above the $0.0750 level and the 50 simple moving average (blue, 4 hours). Immediate resistance on the upside is near the $0.0780 level. The first major resistance is near the $0.080 zone.
A clear move above the $0.080 resistance could start a major rally. The next major resistance could be near $0.0865. Any more gains might send the price toward the $0.0920 resistance.
Bearish Reaction?
Conversely, the DOGE price might fail to clear the $0.078 and $0.080 resistance levels. Immediate support on the downside is near the $0.0750 level. The next major support is nearly $0.0742. A major bullish trend line is forming with support near $0.0742 on the 4-hours chart.
The trend line is near the 61.8% Fib retracement level of the upward move from the $0.0712 swing low to the $0.0790 high. If a downside break below the $0.0742 support occurs, the price might gain bearish momentum toward $0.0712.
Any more losses could open the doors for a move toward the crucial support at $0.0680, where the bulls could take a stand.
Overall, DOGE seems to be preparing for a major breakout with resistance at $0.080. It could steadily increase if the Dogecoin price clears the $0.080 resistance zone. Conversely, there could be a fresh decline toward the $0.0712 support.
The post Dogecoin Price Prediction: DOGE Looks Ready To Start Another Surge appeared first on CoinChapter.
