Dogecoin started a fresh rally above $0.2550 and $0.280. DOGE price is consolidating and might soon aim for a clear move above $0.30.
Dogecoin Price Signals Steady Increase
In the last technical analysis, we discussed the chances of a decent upward move in Dogecoin price if it settled above the $0.250 pivot level. The bulls did gain strength and pushed the price above $0.250 to start a fresh increase. There was a clear move above $0.2550 and $0.280.
DOGE price even spiked above the $0.30 barrier before it faced resistance. A high was formed near $0.3064 before there was a pullback, like Bitcoin. The price dipped below $0.30 and $0.2880. The decline was such that the price almost tested the 50% Fib retracement level of the upward move from the $0.2050 swing low to the $0.3064 high.
Dogecoin is now showing positive signs above $0.270 and the 50-day simple moving average. More importantly, there is also a key bullish trend line forming with support at $0.2650 on the daily chart.
The current price action and the last two daily candles signal an increase in bullish pressure. If the price remains stable above the trend line, there could be a fresh rally. Immediate resistance on the upside is near $0.2880. The first major hurdle sits at $0.3000 and $0.3060.
A close above $0.3000 could accelerate gains, and the price could drift toward $0.3200. If the bulls surpass $0.3200, DOGE could set the pace for a larger increase.
In the stated case, the price could rally and test $0.350. The next key target might be $0.3620. Any more gains might send the price toward the $0.40 barrier in the coming days.
Are Dips Limited In DOGE?
Immediate support on the downside is near $0.270. The next major support sits near $0.2650 and the trend line. If the bulls fail to defend $0.2650, the price might accelerate lower and drop toward $0.2550.
The main support could be $0.2280, the 50-day simple moving average, and the 76.4% Fib retracement level of the upward move from the $0.2050 swing low to the $0.3064 high. A downside break and close below $0.2280 might spark heavy bearish moves and might call for a test of the $0.2050 region.
Overall, DOGE is consolidating gains above $0.270 and $0.2650. To start a fresh increase, the price must settle above $0.30. If not, it could revisit the $0.2280 support and the 50-day simple moving average.