Why Dogecoin price could kickstart a 30% rally if this key resistance breaks [Video]
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Dogecoin price could expect a 30% ascent toward $0.224 if the bulls overcome one critical hurdle.
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A technical indicator suggests that the buyers are planning to reverse the period of sluggish performance.
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DOGE will discover reliable support at $0.167 if selling pressure increases.
Dogecoin price appears to be preparing for a 30% upswing if the bulls manage to slice above one key area of resistance. A technical indicator suggests that there are more buyers than sellers in the market, adding credence to the optimistic forecast.
Dogecoin price targets $0.224 next
Dogecoin price has formed a symmetrical triangle pattern on the 12-hour chart, with a measured move of 30%.
The Arms Index (TRIN) is flashing a reading below 1, at 0.69, suggesting that there are more buyers than sellers in the market, indicating a bullish forecast for DOGE.
However, in order for the prevailing chart pattern’s target of a 30% ascent to be on the radar, Dogecoin price must slice above the upper boundary of the governing technical pattern at $0.172.
Dogecoin price will face additional headwinds at the 50 twelve-hour Simple Moving Average (SMA) at $0.175, coinciding with the 50% retracement level, then at the 21 twelve-hour SMA at $0.177.
Further obstacles will appear at the 61.8% Fibonacci retracement level at $0.186, then at the 100 twelve-hour SMA at $0.191. Before DOGE bulls manage to tag the optimistic target, another hurdle will emerge at the 78.6% Fibonacci retracement level at $0.201.
DOGE/USDT 12-hour chart
If sufficient buying pressure emerges, Dogecoin price may rally 30% to reach the optimistic target presented by the prevailing chart pattern at $0.224, sitting near the resistance line given by the Momentum Reversal Indicator (MRI) and the 200 twelve-hour SMA.
However, if a spike in sell orders occurs, Dogecoin price may discover immediate support at the lower boundary of the symmetrical triangle at $0.167, coinciding with the support line given by the MRI. This level should act as a reliable foothold for DOGE, but if further selling pressure emerges, the canine-themed token could slide toward the 38.2% Fibonacci retracement level at $0.165.
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