Dogecoin (DOGE) Eyes Breakout: Could an Upside Rally Spark Full-On Recovery?
The post Dogecoin (DOGE) Eyes Breakout: Could an Upside Rally Spark Full-On Recovery? appeared on BitcoinEthereumNews.com.
Dogecoin started a fresh increase from the $0.1500 zone against the US Dollar. DOGE is consolidating and might aim for an upside break above the $0.1650 resistance. DOGE price started a decent upward move above the $0.1550 level. The price is trading above the $0.1580 level and the 100-hourly simple moving average. There is a short-term bullish trend line forming with support at $0.1590 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could start a fresh increase if it clears the $0.1650 resistance zone. Dogecoin Price Turns Red Dogecoin price started a fresh decline after it failed to clear $0.1640, unlike Bitcoin and like Ethereum. DOGE dipped below the $0.1620 and $0.1600 support levels. The bears were able to push the price below the $0.1565 support level. It even traded close to the $0.1550 support. A low was formed at $0.1558 and the price recently corrected some losses. There was a minor move above the 50% Fib retracement level of the downward move from the $0.1635 swing high to the $0.1558 low. Dogecoin price is now trading above the $0.1580 level and the 100-hourly simple moving average. Besides, there is a short-term bullish trend line forming with support at $0.1590 on the hourly chart of the DOGE/USD pair. Immediate resistance on the upside is near the $0.1620 level and the 76.4% Fib retracement level of the downward move from the $0.1635 swing high to the $0.1558 low. The first major resistance for the bulls could be near the $0.1640 level. The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance might send the price toward the $0.1720 resistance. Any more gains might send the price toward the $0.1780 level. The next major stop for the bulls might be $0.1800.…
