Dogecoin price analysis

Dogecoin

DOGE

tickers down

$0.08

snapped back from the support line of the ascending channel on Aug. 7, indicating that bulls continue to buy on dips.

DOGE/USDT daily chart. Source: TradingView

Buyers propelled the price above the 20-day EMA ($0.07), clearing the path for a possible rally to $0.08. This level may prove to be a difficult obstacle, but if the bulls surpass it, the DOGE/USDT pair could reach the resistance line of the channel.

This positive view will invalidate in the near term if the price turns down from the current level or the overhead resistance and plunges below the channel. That could sink the pair to $0.07. This is an important level to keep an eye on because if it cracks, the pair may slump to $0.06

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