Dogecoin Price Forecast: DOGE breakout could kickstart 10% rally
- Dogecoin price has been consolidating below a key hurdle at $0.060 for nearly two weeks.
- A breakout above the said barrier could trigger a 10% rally to $0.0662.
- A daily candlestick close below $0.0582 will create a lower low and invalidate the bullish thesis.
Dogecoin (DOGE) price shows a willingness to rise higher after its recent encounter with two key hurdles. If this bullish momentum continues, DOGE could kickstart a strong rally.
Read more: Dogecoin co-founder calls on SEC to refund taxes as Coinbase lawsuit heats up
Dogecoin price ready to make a move
Dogecoin (DOGE) price stayed below the $0.0593, $0.0603 for nearly two weeks. The surge in momentum over the last 24 hours has caused the meme coin to produce a 12-hour candlestick close above $0.0603.
If this move is successful and Dogecoin price sustains above $0.0603, it could attract sidelined buyers and kickstart a 6.30% upswing to $0.0642. In some cases, DOGE might extend the run-up to $0.0662, bringing the total gain to 10%.
While Dogecoin price shows a bullish outlook over the weekend, investors need to be careful as the fresh start of a week could reset the existing bias.
Also read: Dogecoin shows resilience despite DogeFather Elon Musk's legal troubles
DOGE/USDT 4-hour chart
On the other hand, if Dogecoin price produces a daily candlestick close below $0.0582, it would create a lower low. This move could attract sellers and potentially trigger an 8.90% crash to $0.0550.
Also read: Dogecoin NFT community 'own the Doge' is installing Kabuso Dog’s statue in Japan
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
