Dogecoin price expected to surge again
Dogecoin price started a consolidation phase above the $0.320 area, just like bitcoin and Ethereum. Dogecoin formed a base above $0.350 and it is currently rising.
The price broke the $0.3550 and $0.3620 resistance levels. The price climbed above the 23.6% Fibonacci retracement level of the down move from the $0.4342 high to $0.3400 low. The price also broke a key bearish trend line with resistance at $0.3670 on the hourly chart of the DOGE/USD pair.
Dogecoin price is currently trading near the $0.3750 level and the 100 hourly simple moving average. An upward resistance is near the $0.3720 level.
The next major resistance is near the $0.3880 level, which is the 50% Fibonacci retracement level of the downward move from the $0.4342 high to $0.3400 low. A close above the $0.3880 resistance level could sink the price towards the $0.400 resistance level. If the price rises again, it could drop towards the $0.4200 level. The next major stop for the bulls could be $0.500.
Is DOGE’s downside limited?
If the DOGE price fails to clear the $0.3720 level, it could start a downside correction. An initial support on the downside is near the $0.3650 level. The next major support is near the $0.3500 level.
The main support is at $0.320. If the $0.320 support is broken, the price could decline further. In such a case, the price could drop towards the $0.300 or even $0.2950 levels in the near term.
