|

Dogecoin price likely to rally to $0.14 as bulls have established new grounds

  • Dogecoin price has created a bullish cup and handle pattern
  • DOGE price has broken out of the seller's territory on the Relative Strength Index
  • A close below $0.115 will invalidate the bullish thesis

Dogecoin price has emerged with new fuel as the bulls have established bullish price action on the 8-hr chart. DOGE has the potential for up to a 14% rally with a precise invalidation level.

Dogecoin price is preparing for take-off

Dogecoin price has had some significant strengthening from the bulls this weekend, as the price is currently fluctuating at $0.12. Last week's thesis mentioned that a close above the .5 Fibonacci level would be the first indication of a bullish reversal for the notorious meme coin. Saturday turned out to be favorable for the bulls as Dogecoin price printed a bullish engulfing past the .5 fib level with a final close of $0.124

Dogecoin price has displayed more bullish confluence on the 8-hour chart as the Relative Strength Index has slightly broken out past the 65 levels. Bearish traders on smaller time frames might be in jeopardy as the first breakout on the RSI is usually followed by equal or larger rallies. It is also worth noting that this weekend's market behavior has established a cup and handle pattern on Dogecoin price. The cup and handle pattern signals the potential for a 14% rally is imminent.

DOGE/USDT 8 HR CHART

DOGE/USDT 8-Hr Chart

Still, bullish traders should be warned that the bears still have a shot to retake control as many large investors are still sidelined, waiting to buy a touch of the historical trend. A close below $0.115 on the 8-hour chart will have too much weight for the bullish cup and handle to support. If this were to occur, Dogecoin price would likely fall sub-double-digits into the $.09 territory, 20% below the current price.

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

XRP defends $1.30 support as Ripple partners with Arf to bring RLUSD settlement liquidity to XRPL

Ripple holds near recently confirmed support at $1.30 on Friday, as bulls eye a short-term recovery toward $1.40. The remittance token’s upside remains capped by structural levels, suggesting recovery would depend on whether buyers can sustain momentum.

Bitcoin Weekly Forecast: BTC extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot ETFs recording $442.67 million in net inflows through Thursday.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Pi Network holds modest gains as mixed technicals curb upside

Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.