Dogecoin price is on the cusp of a 35% rally
- Dogecoin price has tagged the deep-discount-buy-zone at $0.057, hinting at a potential run-up.
- Investors can expect DOGE to rally 35% to retest the high-time-frame resistance level at $0.082.
- A daily candlestick close below the range low at $0.049 will invalidate the bullish thesis.
Dogecoin price shows its plans after tagging an inflection point that could trigger a run-up. Going forward, investors need to pay close attention to the buy zone and how DOGE reacts to it.
Dogecoin price ready to bounce
Dogecoin price set up a range, extending from $0.049 to $0.078 as it rallied 60 between June 18 and June 27. After a premature attempt to rally higher DOGE failed and resulted in a steep correction that has brought DOGE to a buy zone.
This area extends from $0.053 to $0.060 and is well-below the midpoint of the range, which indicates that it is in a deep-discount area. Often, such retracements are reversed in the aforementioned area, resulting in the start of the next leg-up. For Dogecoin price, market participants can also look forward to something similar.
However, the only hurdle that is blocking DOGE’s path is the 200 four-hour Simple Moving Average (SMA). Overcoming this barrier is the key and signal that the meme coin is ready for a bounce. In such a case, Dogecoin price will most likely ascend to retest the range high at $0.078 and, in some cases, revisit the high-time-frame resistance level at $0.082.
DOGE/USDT 1-day chart
While things are looking up for Dogecoin price, a daily candlestick close below the range low at $0.049 will invalidate the bullish thesis. In such a case, DOGE is likely to slide lower in search of stable support levels.
Investors can expect Dogecoin price to revisit the $0.047 foothold, where buyers can recuperate before their next attempt.
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.
