- DOGE faces key resistance to breaking above the 23% resistance level that corresponds to the Fibonacci retracement value
- DOGE needs to break and close above the region of $0.09 for more opportunity to trade higher
The price of Dogecoin (DOGE) in recent weeks has shown so much strength rallying from a low of $0.07 as the price attempts to join the party as many altcoins continue to trade higher, with others producing double-digit gains.
With the crypto market looking bullish short-term and showing signs of relief recently, this has catalyzed many altcoins, including the dog coin DOGE.
Dogecoin Daily (1D) Price Chart Analysis
After the collapse of major companies and projects in the crypto space, including the Domino effect of FTX, the market struggled to hold more sell-off after most crypto projects suffered a loss of over 80%, with many becoming worried about it the state of the industry.
The price of DOGE, after having a good rally a few months back, from a low of $0.09 to a high of $0.16; the price saw a major decline to a region of $0.07 where the DOGE army where above to hold sell-off.
DOGE’s price bounced from the low of $0.07 on the weekly chart, but the price continues to face resistance to break higher to a region of $0.095 which could be a good sign for the price of DOGE to rally to a high of $0.1.
The price of DOGE needs to reclaim the region of $0.1 for a more bullish scenario, as this has proven to be a tough area for the DOGE army.
The price of Dogecoin (DOGE) trades at $0.084, just below the key resistance corresponding to the 23% Fibonacci retracement value that has continued to prevent the price from increasing.
Major DOGE Price Resistance On The Daily Chart – $0.092
Major DOGE Price Support On The Daily Chart – $0.07
DOGE Four-Hourly (4H) Price Chart Analysis
The price of DOGE on the 4H chart shows price rejection around the 23.8% Fibonacci level despite rallying with strength from a region of $0.07. The price of DOGE needs to break above this region to a high of $0.1 for more relief signs.
If the price of DOGE fails to break and close above the high of $0.1, there are chances of the price retesting the low of $0.07, acting as strong support for the price of DOGE in recent times.
Major DOGE Price Resistance On The Four-Hourly Chart – $0.1
Major DOGE Price Support On The Four-Hourly Chart – $0.07
Image From Coingape, Chart From Tradingview