• Dogecoin price is looking to recover losses by rallying to $0.152.
  • DOGE needs to shatter the intermediate hurdle at $0.134 to complete its 25% run-up.
  • A daily candlestick close below $0.109 will invalidate the bullish thesis.

Dogecoin price has been unresponsive for most of the bull run in 2021. The lackluster performance was due to the attraction Shiba Inu garnered, which has caused DOGE to bleed slowly.  

Dogecoin price tries to chip away the bears

Dogecoin price has dropped roughly 36% in the last month and flipped the $0.152 and $0.134 support levels into resistance barriers. This move has pushed DOGE to set a swing low at $0.109, which has allowed buyers to step in and trigger a potential recovery.

This relief rally is likely to propel DOGE by 12% to the immediate hurdle at $0.134. Flipping this blockade into a foothold will allow the buyers to prepare a launchpad for further ascent. In which case, the bulls will aim for the $0.152 barrier, indicating a total run-up of 27%. 

Here, short-term holders are likely to book profits, kick-starting a correction. However, if these Dogecoin holders stay strong, there is a good chance this rally could extend to the weekly resistance barrier at $163. 

DOGE/USDT 1-day chart

DOGE/USDT 1-day chart

Regardless of the optimism if the Dogecoin price fails to move past the first hurdle at $0.134, it will denote weakness on the buyer's part. In such a case, if bears take control, DOGE will likely retrace lower and look for a support level.

If this downswing produces a daily candlestick close below $0.109, it will invalidate the bullish thesis for Dogecoin price and open the path for a 31% crash to $0.075.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple price turns as US Dollar surprises with sudden strength

Ripple price turns as US Dollar surprises with sudden strength

Ripple (XRP) price is on the back foot again after what should have been the moment every trader was waiting for this year: the Christmas rally. Instead, the rally chokes as its worst enemy is back at it – the US Dollar’s strength.

More Ripple News

Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin

Dogecoin celebrates ninth birthday, gears up to fight crypto bombshell Twitter coin

Dogecoin is celebrating its ninth anniversary. The first Dogecoin block was mined nine years ago, since then the meme coin has witnessed a spike in its use cases.

More Dogecoin News

Pitstop before bullish explosive move

Pitstop before bullish explosive move

Bitcoin price is at a place where the probability of reversal is high. This downswing has knocked Ethereum, Ripple and other altcoins down as well. Although this is a temporary setback, it will allow sidelined buyers to step up. 

More Bitcoin News

Cardano price points to $0.27 eventually but an uptrend move could happen first

Cardano price points to $0.27 eventually but an uptrend move could happen first

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next.

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP