• 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

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP