The price of Dogecoin (DOGE) is showing positive signs, suggesting a potential upward breakout beyond the $0.080 key level. There’s a chance it could make a steady climb in the upcoming weeks, aiming for a target around $0.20.
Following a significant drop, the price of Dogecoin (DOGE) stabilized around the $0.055 mark, establishing support in that zone. After reaching a low of around $0.0550, the price entered a phase of consolidation. Recent weeks have witnessed positive movements in major cryptocurrencies like Bitcoin and Ethereum. This positive trend has also extended to other digital assets, including Solana, Cardano, and Dogecoin, contributing to their overall market benefit.
Dogecoin DOGE Price Shows Bullish Signs: Potential for Significant Gains
Dogecoin (DOGE) has displayed positive signals as its price formed a base and initiated a steady climb, surpassing the $0.062 resistance. The weekly chart indicates a noteworthy development, with the price clearing a crucial bearish trend line that had resistance at $0.0620. Bulls successfully pushed the price above the 23.6% Fibonacci retracement level of the main decline, stretching from the $0.1589 swing high to the $0.0550 low.
Dogecoin DOGE price weekly chart. Source: TradingView.com
Currently, Dogecoin DOGE price is comfortably trading above $0.080 and the 50-week simple moving average (blue), presenting bullish indicators and hinting at a potential bottom near $0.0550.
If bullish momentum persists, there’s a possibility of Dogecoin DOGE price further ascending above the $0.10 resistance zone and the 50% Fib retracement level of the primary decline from the $0.1589 swing high to the $0.0550 low. In such a scenario, the price could surge by over 100%, potentially surpassing the $0.1580 resistance.
The next crucial hurdle lies around the $0.20 zone. A decisive close above the $0.20 resistance has the potential to trigger a substantial upward movement. In this scenario, the price may even test the $0.320 resistance zone in the coming months, possibly reaching this milestone by the middle of 2024. Investors are closely monitoring these bullish signals, anticipating significant gains in the trajectory of Dogecoin DOGE price.
Dogecoin DOGE Price Outlook: Bullish Momentum Faces Critical Tests
In the ongoing scenario, Dogecoin (DOGE) faces a critical juncture where it could either sustain its bullish momentum or undergo a downside correction, particularly if it retreats from the $0.10 level. The immediate support on the downside is positioned around the $0.080 level, followed by a significant support zone near $0.0740 and the 50-week simple moving average (blue).
A breach below the 50-week simple moving average might signify the onset of a bearish wave, with the next major support at $0.0620. If this level is breached, Dogecoin could experience a further decline toward $0.0550. Subsequent losses might extend the correction to $0.050.
However, the overall sentiment suggests a bullish reversal for DOGE. Clearing the $0.10 hurdle could potentially propel Dogecoin price to rally towards $0.150 or even $0.20 in the near term. On the flip side, if corrective pressures prevail, a revisit to the $0.074 support level might be on the horizon. Investors are closely monitoring these critical levels to gauge the trajectory of Dogecoin’s price movement.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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