- 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.
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