Dogecoin (DOGE) Makes U-Turn, Why This Support Might Start Fresh Increase

Dogecoin declined heavily from the $0.160 resistance against the US Dollar. DOGE could start a fresh increase if it stays above the $0.090 support zone. DOGE topped near the $0.160 zone and started a fresh decline against the US dollar. The price is trading well above the $0.0700 zone and the 100-day simple moving average. There was a break below a key rising channel with support near $0.1180 on the daily chart of the DOGE/USD pair (data source from Kraken). The pair must stay above the $0.090 support zone to avoid more losses. Dogecoin Trims Gains In the past few days, dogecoin saw a strong bullish wave above the $0.070 resistance zone. DOGE rallied significantly above the $0.100 resistance, outpacing bitcoin and ethereum. The bulls were able to pump the price above the $0.12 resistance zone. Finally, there was a spike above the $0.15 level. The price traded as high as $0.1609 and recently started a downside correction. There was a clear move below the $0.142 and $0.135 support levels. Doge price declined below the 50% Fib retracement level of the upward move from the $0.0551 swing low to $0.1609 high. Besides, there was a break below a key rising channel with support near $0.1180 on the daily chart of the DOGE/USD pair. The price is now testing a major support zone at $0.0955. It is near the 61.8% Fib retracement level of the upward move from the $0.0551 swing low to $0.1609 high. Source: DOGEUSD on TradingView.com If there ...