Dogecoin (DOGE) Price is Surging: Should You Be Cautious for Now?

The post Dogecoin (DOGE) Price is Surging: Should You Be Cautious for Now? appeared first on Coinpedia Fintech News

The crypto markets are undergoing a roller coaster ride, with prices hovering around the pivotal zones. The bulls and bears exhibit equivalent power, which has kept the prices above the support but below the crucial resistance. Meanwhile, the popular memecoin Dogecoin has displayed some exceptional moves in the past few days, while the stretch of the bullish tendency continues to remain under the gauge.

The trading volume has been surging since the start of the month, with the bulls holding a large majority. This has caused the DOGE price to soar close to 20% after it flipped from the lows below $0.07. The price soared high and confirmed a breakout from the descending trend within a descending triangle, but the possibility of a retest also looms.

Here’s what’s next for the DOGE price!

The price is undergoing a retest back to the 0.5 FIB levels after the bulls weakened at the 0.618 FIB levels around $0.0864. The bearish momentum may even compel the price to slice through these levels, causing a drop close to $0.08. However, a decent flip can be expected as the token drops slightly below $0.08, at around $0.0785 to $0.079. The markets turn positive as the prices drop beyond crucial support, which could cause a healthy influx of buying volume. 

In such a case, the DOGE price may trigger a rebound, which may initially help the token reclaim levels above $0.085 which may lead to a price above $0.09. The crucial resistance zone lies between $0.094 and $0095, which collides with 0.786 FIB levels. Hence, the Dogecoin (DOGE) price is believed to maintain a healthy consolidation above the gains and eventually rise above the levels shortly.