Dogecoin Price Preparing For The Next Move

DOGE is attempting an upside break above $0.1420. Dogecoin price must stay above the $0.1112 zone to start a fresh rally.

Dogecoin price showed signs of weakness on Monday as it failed to clear a key resistance zone. However, the meme coin recovered from recent lows and remained poised for the next move.

Also read: Dogecoin Price Analysis: Key Levels To Watch For Next Move

Dogecoin Price Struggles At Key Resistance

After finding bids near the $0.0920 level, Dogecoin began a fresh upward move. It overcame several critical obstacles around the $0.1112 level to enter a positive zone. However, the upside was limited compared to Bitcoin and Ethereum.

DOGE managed to breach the 50% Fib retracement level of the decline from the $0.1742 swing high to the $0.0918 low. Additionally, it cleared a key bearish trend line with resistance at $0.1250 on the daily chart.

Finally, the price encountered resistance around the $0.1420 level. The bulls failed to clear the 61.8% Fib retracement level of the decline from the $0.1742 swing high to the $0.0918 low.

The price is slowly correcting gains and struggling to stay above the 50-day simple moving average. It returned to the $0.1220 level and may decline further. However, the $0.1112 support zone is crucial for the next move.

On the upside, Dogecoin appears to be facing obstacles around the $0.1320 level. The first significant resistance is forming at $0.1420. A close above this zone could propel the price further higher.

The next key resistance sits near the $0.1550 high, above which the price could accelerate higher. In such a case, DOGE could rise and test the $0.1740 resistance. Any further gains could lead DOGE towards the $0.1880 level in the upcoming sessions.

More Downsides In DOGE?

Conversely, Dogecoin may fail to breach the $0.1320 resistance or the $0.1420 pivot zone. In such a case, the price may revisit the $0.1112 support zone. A downside break below $0.1112 and a close below the 50-day simple moving average could trigger strong bearish moves.

The next major support is at $0.1000. If the bulls fail to defend it, the price could struggle to stay above $0.0920. The next key support is around the $0.0850 region.

Overall, DOGE is struggling to clear the $0.1420 resistance. However, DOGE could attempt a fresh rally unless it closes below the $0.1112 support in the upcoming days.