Dogecoin price makes its bullish case, but will DOGE bulls come through?
- Dogecoin price shows a healthy flip of the $0.062 resistance barrier into a support level.
- Secondary confirmation of this flip will most likely be followed by a 23% rally.
- If DOGE produces a daily candlestick close below the range low at $0.049, it will invalidate the bullish thesis.
Dogecoin price is revealing an interesting development that paints a picture of what will happen next. Investors need to pay close attention to Bitcoin price as it has the power to undo this bullish signal for DOGE.
Dogecoin price ready for more gains
Dogecoin price has penetrated above the low-time-frame resistance level at $0.062 and turned it into a support floor. If this momentum persists, the $0.049 to $0.078 range’s midpoint will also be flipped into a foothold.
These are two major developments that are required for Dogecoin price to trigger a 23% upswing to retest the range high at $0.078. This move will allow DOGE bulls to contest the high-time-frame resistance barrier at $0.082 and potentially flip it.
Only if the macro conditions are bullish, especially with Bitcoin price, can investors expect a flip of the $0.082 hurdle into a support barrier. Doing this could further extend the Dogecoin price rally by 13%, bringing the total gain to 40%.
DOGE/USDT 1-day chart
On the other hand, if Dogecoin price fails to stay above the range’s midpoint at $0.063, it will indicate weakness among buyers. If this downswing produces a daily candlestick close below the range low at $0.049, it will invalidate the bullish thesis.
In such a case, Dogecoin price could revisit the $0.041 support level, where buyers will be in a position to attempt another run-up.
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.
