Dogecoin goes forth without its backer and sets sail for a 50% uprise

Dogecoin (DOGE) price has had a rough patch recovering from the crypto winter and the ear-deafening silence of its backer Elon Musk. Since Musk has not mentioned Dogecoin for months now, it is good to assume that the relationship between the two has ended, the breakout has been processed, and now it is time to move on. Traders in Dogecoin have done so and have provided a very strong bullish signal to the markets as price action gets underpinned and is skewed in only one way… up!

DOGE price set to be pumped up by 50%

Dogecoin price has had an enjoyable summer thus far. Clawing out of the well that the crypto winter had created on the back of that big inflation wave in the first few months of the year in relation to the Ukraine situation. A turnaround looks to be underway as DOGE price is set to print a fourth consecutive week of gains. 

DOGE price sees its price action is underpinned by the 55-day Simple Moving Average (SMA) that is being used as a handle for the second time in two weeks. With the monthly pivots of August that close to each other, this element technically points to a squeeze, and a breakout is due to unfold. Seeing that underpinned price action at $0.068, price action could quickly climb to $0.10 and return a steep 50% earnings, backed by the Relative Strength Index that has more than plenty of room before being overbought.

DOGE/USD Daily chart

Risk to the downside could be happening on the back of a  mere technical break of the 55-day SMA where bears would try and run price action down to $0.04. That is a 38% decline from where price action is currently trading this week. Should that level break, another can of negative returns gets opened with $0.007 as rock bottom.