- Dogecoin price has been in a confused state as it rallied 22% over the past 22 days.
- DOGE market makers are likely to push to collect liquidity resting above $0.343.
- A decisive daily close below $0.196 will invalidate the short-term bullish thesis.
Dogecoin price has been on a slow uptrend for the past month with some volatile moves. However, DOGE seems primed for a quick run-up into the liquidity pool before establishing a firm directional bias.
Dogecoin price primed for a higher high
Dogecoin price has bounced off the $0.226 support level twice over the past month and has risen roughly 22% to where it currently stands. While there was a massive spike in volatility on October 28, things seem to have returned to normal.
Dogecoin price is stuck between the $0.226 and $0.343 barriers and anticipates a move above these levels. The altcoin markets look better than Bitcoin, so investors can expect DOGE to trigger a quick run-up before it retests a support level.
Moreover, the market makers are also likely to prefer a run above $0.343 to collect liquidity resting in the form of buy stops. Therefore, market participants can expect a 25% ascent in the near future for Dogecoin price.
After this run-up, if DOGE produces a decisive daily close above $0.343, the chances of continuing this uptrend will increase massively. However, a failure to do so will result in a downswing that retests $.226.
DOGE/USDT 1-day chart
On the other hand, if the Dogecoin price fails to climb higher, it will head lower to retest the $0.226 support level. While it is likely that DOGE might wick below this barrier, a daily close above it will indicate the bulls’ will to push the meme coin higher.
However, a daily close below $0.196 will invalidate the bullish thesis. In such a case, Dogecoin price will head lower and retest $0.16, where it will restart the upswing to collect liquidity above $0.343.
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.
Recommended Content
Editors’ Picks
BNB price enters 7-day winning streak as Binance liquidates over $5.9 billion from BTC, ETH and SOL holdings
Binance Coin (BNB) price surged past $650 on Wednesday, marking a 15% increase over seven consecutive days of profit. Market reports suggest that recent trades executed by Binance’s parent company could drive further BNB price gains.
Dogecoin stabilizes at $0.25 as PEPE, TRUMP near double-digit losses
Dogecoin (DOGE) price holds firmly above the $0.25 level on Wednesday, while on-chain data links DOGE’s resilient performance to institutional interest and long-term investors’ reluctance to sell the token amid Exchange Traded Funds (ETFs) speculations.
Trump’s tariffs shake crypto market, Bitcoin’s future uncertain
Donald Trump’s new tariffs have caused turbulence in the crypto market, leading to a sharp drop in total value and billions in liquidations. While uncertainty remains, some analysts believe these trade policies could create long-term opportunities for Bitcoin.
Solana Price Forecast: SOL gains ETF boost amid $3 billion unlock fears
Solana is down 1% on Tuesday following negative sentiment surrounding its upcoming $3 billion token unlock. Meanwhile, Franklin Templeton is likely entering the race for a Solana exchange-traded fund following its filing for a Solana Trust in Delaware.
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark
Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.
The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.