DOGE is forming a base above the $0.082 zone. Dogecoin price is approaching an important breakout and might soon rally above $0.088.
Dogecoin Price Prepares For A Breakout
After a steady decline, the doge price found support near the $0.0800 zone against the US Dollar. After that, the price started a recovery wave and recently formed a base above the $0.0820 level.
The price is now rising and trading above the $0.0850 resistance zone. In addition, there was a decent increase above the 23.6% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0829 low.
However, the price is still below the $0.0880 barrier and the 50 simple moving average (blue, 4 hours). It is also not showing positive signs similar to Bitcoin and Ethereum.
Immediate resistance on the upside is near the $0.0870 level and the 50 simple moving average (blue, 4 hours). A major bearish trend line is forming with resistance near $0.088 on the 4-hours chart.
The trend line is near the 50% Fib retracement level of the downward move from the $0.0920 swing high to the $0.0829 low. The first major resistance is near the $0.090 zone.
A clear move above the trend line might and the $0.090 resistance could start a major rally. The next major resistance could be near $0.098. Any more gains might send the price toward the $0.100 resistance.
Fresh Dip in DOGE?
Conversely, the price might fail to clear the $0.088 and $0.090 resistance levels. Immediate support on the downside is near the $0.0840 level and a connecting bullish trend line on the same chart.
The next major support is nearly $0.082. If a downside break below the $0.0820 support, the price might gain bearish momentum toward $0.080. However, any more losses could open the doors for a move toward the crucial support at $0.0765, where the bulls could take a stand.
DOGE is likely approaching a crucial breakout with resistance at $0.088. It could steadily increase if the dogecoin price clears the $0.088 resistance zone. Conversely, more downsides could be toward the next crucial support at $0.082.
The post Dogecoin Price Prediction: DOGE Could Be The Next One To Rally appeared first on CoinChapter.