Dogecoin (DOGE) Mammoth Rally Takes Break, Why Dips Turned Attractive

Dogecoin surged over 100% and broke $0.12 against the US Dollar. DOGE is correcting gains, but dips might be limited below the $0.10 level. DOGE extended its rally and it cleared the $0.1000 and $0.1200 resistance levels against the US dollar. The price is trading well above the $0.1000 zone and the 100-day simple moving average. There was a break above a major bearish trend line with resistance near $0.070 on the daily chart of the DOGE/USD pair (data source from Kraken). The pair is correcting gains, but the bulls might remain active near the $0.10 zone. Dogecoin Rallies To New Multi-Week High This past week, dogecoin saw a strong bullish wave from the $0.055 support zone. DOGE rallied significantly above the $0.070 resistance, outpacing bitcoin and ethereum. There was a break above a major bearish trend line with resistance near $0.070 on the daily chart of the DOGE/USD pair. The pair rallied over 100% and broke many hurdles near the $0.10 level. It even climbed above $0.12 and traded as high as $0.1513. Recently, it started a downside correction below the $0.135 level. The price traded below the 23.6% Fib retracement level of the recent surge from the $0.0551 swing low to $0.1513 high. However, the price is trading well above the $0.1000 zone and the 100-day simple moving average. An initial support is near the $0.1100 level. The first key support is near the $0.1000 level. It is close to the 50% Fib retracement level of t...