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Dogecoin Price Signals Bullish Breakout, Why DOGE Could Rally To $0.125

Dogecoin Price Prediction | Photo by Kanchanara on Unsplash

New Delhi(Coinchapter.com): DOGE is gaining pace above $0.10. Dogecoin price is showing bullish signs and might even jump above the $0.115 resistance zone.

Dogecoin Price Gain Bullish Momentum

In the last DOGE price prediction, we discussed a possible surge above the $0.085 resistance against the US Dollar. The price remained strong above the $0.0720 support zone.

A base was formed and the price started a fresh surge above the $0.080 resistance, outpacing bitcoin and ethereum. There was a clear move above the 23.6% Fib retracement level of the key drop from the $0.1589 high to $0.0705 low.

Dogecoin price daily chart
Dogecoin price daily chart | Source: DOGEUSD on TradingView.com

The bulls were able to pump the price above the $0.085 resistance and the 50-day simple moving average (blue). Besides, there was a move above a major contracting triangle with resistance near $0.085 on the daily chart.

It opened the doors for more gains above the $0.10 resistance zone. The price is now consolidating above $0.100, with an immediate resistance near the $0.1050 level.

The first major resistance is near the $0.1150 zone. It coincides with the 50% Fib retracement level of the key drop from the $0.1589 high to $0.0705 low. A clear move above the $0.115 resistance might open the doors for more gains.

The next major resistance could be near the $0.125. Any more gains might send the price towards the $0.138 resistance.

Downside Correction?

Conversely, the price might fail to clear the $0.115 and $0.118 resistance levels. An immediate support on the downside is near the $0.0950 level. The next major support is near $0.088.

The main support is now forming near the $0.0850 level, the previous breakout zone, and the 50-day simple moving average (blue). If there is a downside break below the $0.0850 support, the price might gain bearish momentum towards $0.072. Any more losses could open the doors for a move towards the $0.065 support zone.

Overall, DOGE is gaining pace above the $0.10 resistance zone. If dogecoin price clears the $0.115 resistance zone, it could rise further. In the stated case, the bulls might aim a move towards $0.125. Conversely, the current rally might fade and the price might revisit the $0.0850 support.

The post Dogecoin Price Signals Bullish Breakout, Why DOGE Could Rally To $0.125 appeared first on CoinChapter.

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