•Dogecoin price is finding bids above the $0.0550 support.
•A major bearish trend line is in place, with resistance near $0.0670 on the daily chart.
•For DOGE to rise significantly, it needs to clear the $0.070 and then $0.075 resistances.
Dogecoin Price Analysis
Dogecoin (DOGE) recently declined heavily below the $0.070 support against the US Dollar, but there are several key supports near $0.060 and $0.055 levels that could initiate a recovery wave in the near term.
Key Supports For Dogecoin
The recent decline in DOGE was limited compared to other altcoins such as ADA, BNB, MATIC, etc., and it settled below the $0.070 pivot level and 50-day simple moving average (blue). The price even traded close to the crucial support at $0.0540 before buyers appeared near this level for a recovery wave towards higher levels in the coming days or weeks.
Resistance Levels To Watch
The immediate resistance on the upside for Dogecoin is near the $0.0635 level which is close to 23.6% Fib retracement level ofthe downward move from high of$0951 to low of$0540 . A clear break above this resistance might open doors for more gains towards a major bearish trend line at around 06700 , followed by 070 and then 0750 resistance levels . If DOGE can climb above these three resistances , there would be a solid bullish case created that could push its price towards 0920 resistance eventually .
Downside Support Level To Consider
On downside , immediate support lies at 060 -level followed by 055 if DOGE fails to hold current momentum . Any further losses might take dogecoin price towards key support at 050 . Overall , DOGE looks promising above 0620 -level with potential breakthroughs ahead if it clears important resistances mentioned .
To sum up , Dogecoin looks set for potential recovery if it clears key resistances like 0670 , 0700 & 0750 respectively while immediate downside supports lie at 060 & 055 respectively .