Dogecoin (DOGE) Price Corrects After Testing the $0.2380 Resistance Zone

Dogecoin started a fresh increase and climbed above the $0.2320 zone against the US Dollar. DOGE is now correcting gains and approaching $0.2180.

Dogecoin price is showing signs of a recovery above the $0.230 and $0.2320 zone against the US Dollar. DOGE is now correcting gains and trading towards the $0.2180 level.

Dogecoin price is still in a bullish trend and it seems like the buyers are returning. The price action might continue upwards if there is a break above the 0.2380 fib level.

Dogecoin Price Analysis

Dogecoin price is showing fresh signs of a recovery above the $0.230 and $0.2320 zone against the US Dollar. If the bulls return, then DOGE might rise towards the $0.2500 level.

Previously, we highlighted that if the price fails to stay above the 0.2109 fib, we might see a decline towards 0.1880 or even 0.1770 fib. The price remained above this fib level and it seems like the buyers are returning.

Dogecoin price is now trading just below the $0.2250 level and the 100-hourly simple moving average. Moreover, there is a connecting bullish trend line forming with support at $0.220 on the hourly chart of the DOGE/USD pair (data source: Kraken).

The price is currently in a correction and it seems like it is approaching the key fib level of 0.382. This fib level is located at $0.2170 and it might offer strong support.

If the price manages to clear the $0.230 resistance zone, we might see a fresh increase. The next major resistance is at the $0.2380 level. A move above this zone could send the price towards the $0.2500 resistance.

Dogecoin price will need to close above the $00.2380 zone in order to continue the upward trend. The next major stop for the bulls might be $0.2850.

If the price fails to rise above the $0.2320 level, we might see another decline. The initial support on the downside is at the $0.220 level. The next major support is at the $0.2170 level and the 76.4% Fib retracement level of the upward move from the $0.2109 swing low to the $0.2370 high.

The main support is at $0.2120. If there is a downside break below the $0.2120 support, the price might decline further. In that case, we might see a decline towards the $0.20 level or even $0.1880 in the near term.

Dogecoin price is still in a bullish trend and it seems like the buyers are returning. The price action might continue upwards if there is a break above the 0.2380 fib level.