• Dogecoin formed a base near $0.066 and started a fresh increase against the US Dollar.
• DOGE gained pace and traded above the $0.075 resistance against the US dollar.
• The price is facing resistance near the $0.080 level, and a clear move above this level could send the price towards the $0.088 resistance.
Dogecoin has been showing some bullish signs in the past few days after finding support near the $0.066 zone. The cryptocurrency has been moving higher and is currently trading above the $0.075 resistance level against the US Dollar.
The 4-hours chart of the DOGE/USD pair shows that the price has recently cleared the 23.6% Fib retracement level of the key decline from the $0.1402 swing high to $0.0658 low. The price is now trading above the $0.0750 zone and the 100 simple moving average (4-hours).
Moreover, there is a key bullish trend line forming with support near $0.0740 on the 4-hours chart of the DOGE/USD pair. If the price continues to move higher, it could break the $0.080 resistance level. A successful break above this resistance level could open the doors for more gains towards the $0.088 resistance level. This is near the 50% Fib retracement level of the key decline from the $0.1402 swing high to $0.0658 low.
On the downside, the $0.0750 zone could act as a support if the price corrects lower. The main support is near the $0.0720 level, which holds the key. If the price fails to stay above the $0.0720 support, there is a risk of a fresh decline in the near term.
Overall, dogecoin is showing some positive signs above the $0.075 resistance level. If the bulls remain in action, the price could continue to move higher towards the $0.088 resistance level. Conversely, a break below the $0.0720 support could start a fresh decline in the coming sessions.