|

Dogecoin price signals a 60% bull rally ahead

  • Dogecoin price is currently bouncing off the $0.127 to $0.137 demand zone.
  • A spike in buying is likely to propel DOGE by 60% to $0.215.
  • A daily candlestick close below $0.127 will invalidate the bullish thesis.
 
 

Dogecoin price faces exhaustion after its recent gains, causing a minor retracement. This pullback has pushed DOGE into a demand zone, suggesting the possibility of a quick run-up.

Dogecoin price to kick-start another run-up

Dogecoin price retraced 14% after a 40% upswing that began on March 14. While the pullback will allow Dogecoin buyers to recuperate, it was caused by Bitcoin’s sudden downtrend. Regardless, the retracement has caused DOGE to retest the $0.127 to $0.137 demand zone, which will provide bulls with the extra oomph to kick-start another leg-up.

The resulting rally will propel DOGE to retest the $0.163 and $0.194 weekly resistance barriers. Clearing these hurdles is crucial for market makers to collect the buy-stop liquidity resting above the $0.194 barrier.

This ascent, therefore, would constitute a 60% gain for investors that are willing to seize the opportunity, and the time is now ripe as the Dogecoin price retests the daily demand zone.

DOGE/USDT 4-hour chart

DOGE/USDT 4-hour chart

While things are looking up for Dogecoin price, the breakdown out of the demand zone will put a final nail in the bulls’ coffin.

A daily candlestick close below $0.127 will invalidate the bullish thesis for Dogecoin price by creating a lower low. This move will also lead to the breakdown of the demand zone, indicating a surge in selling pressure.

In this situation, market participants can expect DOGE to retrace to the $0.109 support level, allowing buyers to regroup and give the uptrend another go.

Author

Akash Girimath

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.

More from Akash Girimath
Share:

Editor's Picks

Bitcoin and Gold Outlook: BTC eyes $70,000, XAU defends $4,000 as focus shifts to US CPI inflation

Bitcoin trades in the red below $75,000 on Monday, while Gold attracts some buyers, holding above $4,100. Market dynamics shifted toward risk aversion after last week's US midterms, resulting in a 5% rebound in Gold as a safe-haven asset, while BTC’s high-risk nature led to a 4% loss in the same period.

Crypto Today: Bitcoin, Ethereum, and Ripple extend downtrend as selling pressure mounts

Major cryptocurrencies, including Bitcoin, Ethereum, and Ripple, maintain a broadly corrective tone, extending losses from the previous week. Risk-off sentiment builds in the crypto market following last week’s correction linked to Democrats sweeping the US midterms.

Pi Network hits record low as bearish pressure overwhelms rebound hopes

Pi Network is trading at a record low, with over 5% losses so far on Monday, following the previous day’s 6% decline. The PI token's retail appeal also takes a hit, with its Open Interest down by over 20% in a week, indicating a large-scale unwinding of active positions.

Ripple risks further losses as bears eye $1

Ripple extends its decline, trading below $1.09 on Monday after falling more than 10% last week. Weakening institutional demand adds downside pressure, as XRP spot Exchange-Traded Funds (ETFs) recorded $529,510 in net outflows last week, ending a two-week streak of inflows.

Bitcoin: Bears tighten grip as BTC eyes fifth weekly loss
Bitcoin (BTC) remains under pressure, down over 3% this week, trading near $75,500 on Friday and heading for its fifth straight weekly loss. Persistent outflows from US-listed BTC spot Exchange Traded Funds (ETFs), a sharp sell-off in US technology stocks, and rising market liquidations are weighing on sentiment and limiting Crypto King’s recovery attempts.