Key Takeaways:
- Dogecoin price rose again from the $0.1230 support area.
- DOGE was trading above a major bullish flag with resistance at $0.1758 on the daily chart.
- The bulls seem to be targeting a move towards the $0.30 resistance level.
New Delhi (CoinChapter.com) — DOGE is gaining bullish momentum above $0.20. Dogecoin price may correct a few points before a new surge towards $0.250 or $0.30.
Dogecoin price gains strength again
In our last technical analysis, we discussed the importance of the 50-day simple moving average (blue) after DOGE plummeted 50%. The bulls remained active above the 50-day simple moving average (blue). A low was formed at $0.1229 and the Dogecoin price began a new surge.
It rose more than 80% in a matter of days and surpassed Bitcoin by breaking many hurdles near $0.180. The price traded above a major bullish flag at $0.1758, the resistance level on the daily chart, opening the door for further upside above the $0.200 level.
It hit a new multi-month high near $0.2286 and the price is currently on an upward trend. DOGE is trading above the 23.6% Fib retracement level of the bullish wave from the $0.1229 swing low to the $0.2286 swing high.
Bullish Price Prediction
On the other hand, the price is finding resistance near $0.2285. The first major resistance is near the $0.235 level. A clear break above the $0.235 level could easily see Dogecoin move towards the $0.25 level. If the uptrend continues above the $0.250 level, the door could be opened for a move towards the $0.30 level.
Conversely, DOGE price may begin another downward correction. Immediate support is seen near the $0.2040 level. The first major support is formed at $0.184.
The next major support is $0.1755 or the 50% Fib retracement level of the upward wave from the $0.1229 swing low to the $0.2286 swing high. Key support is currently forming near the $0.140 area or the 50-day simple moving average (blue).
If the bulls fail to defend the $0.140 support, it could trigger major losses. If indicated, bears could target the downside towards the $0.120 pivot level.
Overall, DOGE is gaining bullish momentum above the $0.20 area. They may soon aim for more upside towards the $0.250 level and possibly target $0.30 in the coming days.