From Woof to Wow: Dogecoin Price Leaps 10%, Eyes 8-Cent Extravaganza

Key Takeaways:

• Dogecoin price rallied over 10% and tested the $0.0728 resistance.
• DOGE broke a key declining channel with resistance near $0.0612 on the daily chart.
• The price could correct lower, but the bulls might soon aim for a move toward $0.080.

NEW DELHI (CoinChapter.com) — DOGE started a fresh rally following Bitcoin’s surge. Dogecoin price is up over 10% and is now eyeing a move toward the $0.080 resistance.

Dogecoin Price Shows Bullish Signs

The crypto market has seen many positive signs in the past few days. Bitcoin price surged over 20%, breaking many hurdles to test the $35,000 resistance. Later, altcoins like Ethereum, Solana, MATIC, and LINK saw strong bullish moves.

Finally, Dogecoin joined the party after it broke the $0.0620 resistance. It also cleared a key declining channel with resistance near $0.0612 on the daily chart.

The price gained over 10% daily and surpassed the 50% Fib retracement level of the main decline from the $0.0838 swing high to the $0.0550 low. More importantly, DOGE settled well above the $0.0650 pivot level and the 50-day simple moving average (blue).

Recently, Elon Musk’s X shared a skeptical meme about a Dog – “Hello. Yes, this is a Dog”. It sparked speculation among the crypto DOGE community and pushed Dogecoin higher.

pic.twitter.com/2Gufkv3DXq

— X (@X) October 24, 2023

The price is now reaching a major hurdle at $0.0728. It is close to the 61.8% Fib retracement level of the main decline from the $0.0838 swing high to the $0.0550 low. A successful close above the $0.0728 resistance could send the price to the $0.0770 level.

The main target above the $0.0728 level could be $0.080. Any more gains might send the price toward the $0.0830 region in the coming days.

Dips Supported in DOGE?

Conversely, DOGE might have a short-term downside correction from $0.0728. Immediate support on the downside is near the $0.070 level. The next major support is near $0.0685. The main support sits near the $0.0650 level (a multi-touch zone).

If there is a downside break below the $0.065 support, the price might gain bearish momentum toward the 50-day simple moving average (blue) at $0.0612. Any more losses could open the doors for a move toward the crucial support at $0.0550.

Overall, DOGE is gaining bullish momentum above the $0.070 level. If the Dogecoin price clears the $0.0728 hurdle, it could soon drift toward $0.080 or even $0.0832. Conversely, the price might be lower and revisit the $0.065 support.

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