- Dogecoin price is stuck between $0.182 and $0.160 barriers, as it decides which hurdle to breach.
- A 12% correction seems plausible after rejection at the $0.182 resistance level before any significant upside pressure is noticeable.
- A lower low below $0.151 will invalidate the bullish thesis for DOGE.
Dogecoin price lacks the will in establishing any bias which can be seen in its price action over the past two weeks. DOGE is likely to retest the immediate support level if it fails to slice through the overhead barrier.
Dogecoin price lacks momentum
Dogecoin price received a gift from Elon Musk on December 14, which allowed it to rally by roughly 42% in a day. This run-up prevented DOGE from suffering a catastrophic drop, but the bulls failed to sustain the massive run-up.
Since then, DOGE has retraced its steps and is currently trading between the $0.182 and $0.160 barriers, suggesting a lack of momentum. Although the meme coin might try to slice through the $0.182 resistance level, a failure will likely trigger a 12% correction to $0.160.
As mentioned, this level is crucial and will determine the fate of DOGE in the near future. A resurgence of buying pressure around this level could trigger a brief 13% ascent to $0.182. If the buyers decide to step on the throttle, DOGE could shatter $0.182 and make a run for the $0.211 level.
DOGE/USDT 4-hour chart
The bullish scenario after the re-test of $0.160 is based on optimism and assumptions. A sideways movement is likely around $0.160, but a breakdown will indicate that a bearish fate is near.
If the Dogecoin price produces a four-hour candlestick close below $0.151, it will create a lower low, invalidating the bullish thesis. In this situation, Dogecoin price could slide to retest the $0.12 support level.
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.