Dogecoin (DOGE) Price Prediction: DOGE Retraces Support Zone at $0.30, Gearing Up for Possible Traction

Dogecoin (DOGE) gave investors and spectators a spin as it descended toward the support zone of $0.300 per coin against the US dollar.

Dogecoin price showed signs of recovery on Monday as it attempted to gain traction at a crucial support zone. However, the token faced immediate resistance, hinting at a possible downturn if the resistance levels failed to be breached.

Here are the key takeaways from Monday’s Dogecoin price analysis:

Dogecoin price retraced from the support zone of $0.300, indicating a potential bullish move.

The token price was trading below the $0.320 level and the 100-hour simple moving average.

Immediate resistance levels were noted at $0.3165 and $0.3250, while aFib retracement from the recent swing high and low showed major support at $0.3081.

If Dogecoin price managed to break above the $0.3165 and $0.320 resistance levels, an uptrend could be observed.

However, a drop below the $0.300 level could lead to further declines, with key downside supports at $0.2850 and $0.2620.

Dogecoin price dropped on Monday morning, displaying a downtrend from recent highs. However, the token price found support at the $0.300 level, sparking a potential bullish move.

Dogecoin price began the day trading at $0.318, showcasing a 0.16% decrease in value over the past 24 hours. The token price also experienced a 3.33% downturn over the past seven days.

Despite the initial downturn, Dogecoin price showed signs of recovery as it attempted to gain traction at a crucial support zone. The token price was trading below the 100-hour simple moving average, indicating a possible bearish trend if the resistance levels were not breached.

Immediate resistance was noted at the $0.3165 level, which also featured a connecting bearish trend line. If Dogecoin price managed to break above this resistance, the next immediate resistance was spotted at the $0.320 and $0.3250 levels.

Fib Retracement from the Recent Swing High and Low

A Fibonacci retracement (Fib) from the recent swing high of $0.3427 to the low of $0.3081 showed major support at the 23.6% Fib level of $0.3081. This Fib Retracement level acted as a crucial point for Dogecoin price, as a failure to hold above it could result in further declines.

If Dogecoin price continued its bullish rally and crossed the $0.3295 resistance, it could drive the price towards a substantial $0.350 resistance. Such a move would see the token making significant strides once again.

After clearing the $0.350 resistance, bulls could eye the next resistance at the 78.6% Fib Retracement level of $0.3680. If the token price continued to rise, bulls could aim for the round number of $0.40 resistance.

On the contrary, if the Dogecoin price failed to clear the current resistance of $0.3165, another decline could kick in. The key downside supports were spotted at the $0.3120 and $0.3080 levels.

If the token breached the support of $0.300, further declines might roll the price down to the 100-hour simple moving average in the near term. From there, the next downside supports were noted at the $0.2850 and $0.2620 levels.