Dogecoin (DOGE) Price Eyes Bullish Reversal, Staring Down The $0.20 Resistance

After a steady decline, Dogecoin price found support near the $0.1300 zone. DOGE price is showing positive signs and could surge above the $0.20 resistance zone.

Dogecoin price showed some positive signs as it recovered from the lows and managed to stay in buying ranges. Technical analysis of the trends in the cryptocurrency.

Dogecoin price has been showing some positive signs as it managed to find support above the $0.1300 zone. A low was formed at $0.1297 and the price is now recovering some losses. There was a move above the $0.1450 and $0.1650 resistance levels, like Bitcoin and Ethereum.

The bulls pushed the price above a major bearish trend line with resistance at $0.1600 on the daily chart. It opened the doors for a move above the $0.180 resistance and the 50-day simple moving average.

Dogecoin is now consolidating above the $0.180 level and the 50-day simple moving average. If the price stays above the 50-day simple moving average, it could start a fresh increase.

Immediate resistance on the upside sits near the $0.20 level. It is close to the 23.6% Fib retracement level of the downward wave from the $0.4336 swing high to the $0.1297 low. The first major resistance is near the $0.220 level.

A clear move above the $0.220 resistance could set the stage for a strong increase. The next key resistance sits near the $0.2650 zone. If there is a close above the $0.2650 zone, the price could accelerate higher toward $0.280.

The 50% Fib retracement level of the downward wave from the $0.4336 swing high to the $0.1297 low is also near the $0.2815 level. Any more gains might send DOGE price toward the $0.30 level in the coming days.

Conversely, Dogecoin might fail to surpass the $0.20 resistance or $0.220. In the stated case, the price could start another decline. Immediate support on the downside is near the $0.180 level. The first major support is near the $0.1650 level and the 50-day simple moving average.

A downside break and close below the $0.1650 support might spark heavy bearish moves. The next major support sits at the $0.150 level. If the bulls fail to defend the $0.150 support, the price might drop toward $0.130 or even $0.120 in the medium term.

Overall, DOGE is consolidating above $0.180 and $0.1650. To start a decent increase, DOGE must surpass the $0.20 and $0.220 resistance levels in the near term. If not, it could revisit the $0.1650 support.