Dogecoin Price Breakout: DOGE Primed for a Rocketing Surge?

Key Takeaways:

• Dogecoin price is signaling an upside break from the $0.120 support zone.
• DOGE broke a major bearish trend line with resistance at $0.1450 on the daily chart.
• The bulls seem to be aiming for a move toward the $0.20 resistance.

NEW DELHI (CoinChapter.com) — Dogecoin (DOGE) price has been showing positive signs above $0.150, eyeing $0.1750 next.

Dogecoin Price Aims Higher

After a major decline, Dogecoin found support near the $0.120 zone. The memecoin bears attempted to push the DOGE price below $0.120, but they failed. The last swing low was at $0.120 before the price started a decent increase, akin to Bitcoin.

There was a move above the $0.1320 and $0.140 resistance levels. In doing so, the DOGE price cleared the 23.6% Fib retracement level of the downward move from the $0.2286 swing high to the $0.120 low. Besides, the price broke a major bearish trend line with resistance at $0.1450 on the daily chart.

More importantly, Dogecoin settled above the $0.150 level and the 50-day simple moving average (blue). The price gained nearly 10% in the past few days, but it lagged behind Pepecoin.

Dogecoin price is now facing resistance near the $0.750 zone. It is close to the 50% Fib retracement level of the downward move from the $0.2286 swing high to the $0.120 low and represents a multi-touch zone. A clear move above the $0.1750 level could easily send DOGE toward the $0.1880 level.

Is Investing in Dogecoin Now The Right Time?

The next key resistance is near the $0.200 zone. If the bulls remain in action above this level, it could open the doors for a move toward the $0.2280 level.

Conversely, the DOGE price might start another downside correction. Immediate support is seen near the $0.1620 level. The first major support is forming at $0.1580 and the 50-day simple moving average (blue).

The main support is now forming near the $0.1450 zone. If the bulls fail to defend this support, it could spark heavy losses. In this case, the bears could aim for a downside thrust toward the $0.120 support region.

Overall, DOGE is signaling a bullish breakout above the $0.1580 zone. It seems like they could soon aim for more upsides toward the $0.200 level and then $0.2280 in the coming days.

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