November 19, 2023 at 12:15 AM GST 1 min read News
  • Dogecoin surged by almost 20%, confirming bullish momentum from levels below $0.07.
  • After weakening near the $0.0864 mark, DOGE is retesting towards $0.08, nearing the 0.618 FIB level.
  • Dogecoin faces a critical resistance zone between $0.094 and $0.095, crucial for a potential uptrend continuation.

Dogecoin (DOGE) has recently garnered significant attention for its remarkable market movements. A surge in trading volume, largely influenced by bullish sentiment, propelled DOGE to surge by nearly 20%. 

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This surge marked a crucial turning point as it managed to break away from its previous lows below the $0.07 mark. Confirming a breakout from a descending trend within a descending triangle, the coin’s upward momentum was affirmed, although the possibility of a retest lingered.

Currently, DOGE is in the midst of a retest, retracing its steps back to the 0.5 Fibonacci (FIB) levels after showing weakness around the 0.618 FIB levels at approximately $0.0864. The potential bearish momentum could drive the price closer to the $0.08 mark, yet hopes remain for a bounce-back, expected around $0.0785 to $0.079. Should prices drop below critical support levels, a surge in buying volume might offer an opportunity for recovery.

Analysts and enthusiasts are eyeing a potential rebound that could empower DOGE to reclaim levels above $0.085, possibly pushing the price beyond the $0.09 mark. However, the challenge lies in breaching the critical resistance zone situated between $0.094 and $0.095, coinciding with the 0.786 Fibonacci (FIB) levels. Sustained consolidation above these levels is considered pivotal for DOGE’s upward trajectory, fostering optimism for an imminent rise in its value.

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