• 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

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

 

 

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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ethereum continues hinting at rally following reduced long liquidations

Ethereum continues hinting at rally following reduced long liquidations

Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.

More Ethereum News

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera

Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera. 

More Hedera News

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds

Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome. 

More Bitcoin News

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

Crypto community reacts as BRICS considers launching stablecoin for international trade settlement

BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP