Dogecoin price stands to gain 70% if DOGE shatters these hurdles
- Dogecoin price shows a string of higher highs and higher lows, suggesting an upswing is underway.
- DOGE needs to slice through $0.31 and $0.36 hurdles to rally 70% to $0.45.
- A breakdown of the $0.196 support floor will invalidate the bullish thesis.
Dogecoin price has been consolidating for nearly six months without a palpable upswing. While this price action is annoying, DOGE seems to be in a similar accumulation phase to Shiba Inu before breaking out.
Dogecoin price awaits explosive moves
Dogecoin price has been stuck under the 50% Fibonacci extension level at $0.45 for roughly six months. This consolidative price action for DOGE seems to be changing as buyers are ready to push the meme coin higher.
Since October, Dogecoin price has set up higher highs and higher lows, suggesting an uptrend. For this bullishness to continue, DOGE needs to slice through two barriers at $0.31 and $0.36. Flipping these levels into support floors will confirm a resurgence of buyers and propel Dogecoin price to $0.45, coinciding with the 50% Fibonacci retracement level. This ascent would constitute a 70% gain from the current position.
In a highly bullish case, investors can expect DOGE to flip the $0.45 ceiling into a launching platform, which could trigger a massive upswing to 2021 highs at $0.75.
DOGE/USDT 1-day chart
Regardless of the bullish outlook on the short-term, if the Dogecoin price fails to shatter $0.31 or $0.36, it will imply a weak buying pressure or an increased selling pressure. Either way, it could lead to a downswing toward the stable support level at $0.19.
If the Dogecoin price produces a lower low below this foothold, it will invalidate the bullish thesis.
Author
Akash Girimath
FXStreet
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.
