• Dogecoin price continues to march higher, with no hint of a significant pullback coming.
  • The weekly chart shows near-term resistance may create a bear trap.
  • Bulls could trigger a massive short squeeze with DOGE spiking 100%.

Dogecoin price has picked up some excellent, bullish traction over the past two weeks. An expected gap-fill between the bodies of the weekly candlesticks and the weekly Tenkan-Sen is currently underway but may extend beyond the Tenkan-Sen.

Dogecoin price continues steady run higher, resistance up ahead

Dogecoin price is approaching a key resistance area that may surprise most market participants. There are three strong resistance zones ahead between $0.21 and $0.24 – the Tenkan-Sen, Kijun-Sen, and 2021 Volume Point Of Control. Many buyers are likely staying out near those price levels while short-sellers await an entry.

Buyers who wait and short-sellers who enter may both be on the wrong side of the trade – with the short-sellers suffering the most. The Composite Index is about to cross above both of its moving averages, indicating a bullish breakout would likely be sustained.

Additionally, the Relative Strength Index has maintained a strong support zone above the final oversold level in a bull market (50). Its current slope suggests that any successful crossover in the Composite Index would position the Relative Strength Index above the first oversold level (40).

DOGE/USDT Weekly Ichimoku Chart

Any current or new short positions in Dogecoin price will most definitely be under significant pressure. With longs entering after resistance has broken and short-sellers forced to liquidate or cover, a massive spike to weekly Senkou Span B at $0.38 is likely.

 

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