How Dogecoin price entered a new bull run with significant upside potential

Dogecoin (DOGE) price has taken a bit of a step back despite markets rejoicing on what seemed a breakthrough in diplomatic talks between Russia and Ukraine. With investors already frontrunning any positive news since mid-March, some profit-taking got underway over the past 24 hours. With solid respect and support from the monthly pivot at $0.1379, the DOGE price is swinging back to $0.1594 in the first phase, where $0.1900 is the ultimate target for the uptrend.

Dogecoin price first performs a rally to $0.1594 before talking about an uptrend towards $0.1900

Dogecoin price faced some minor headwinds as investors got ahead of the markets and already took profit in their rally since mid-March before positive news hit the wires. With that, DOGE took a small step back and was looking for the support provided by the monthly pivot. Several bulls and investors will have used that level to get back in after taking a profit above $0.1500. 

DOGE price will now swing back up towards $0.1594 with at least a daily close above $0.1500, so that bulls can still choose for either the squeeze to the upside or go for the full-frontal rally to pierce through $0.1594. Once above, expect DOGE price to drop back a bit and check support at $0.1594. If that support is confirmed, expect a fully-stretched uptrend towards $0.19, as there is not much in the way anymore for bulls with little handles for bears to try and slow down the uptrend to go short.

DOGE/USD  daily chart

As price has faded, a squeeze to the downside could materialise as markets will now look forward to the subsequent tail risks from the nonfarm payrolls report on Friday and the FED rate path still questionable going forward. With risk sentiment facing headwinds, expect to see a drop back towards $0.13, where the monthly pivot and the 55-day SMA will be too light to catch any downward pressure. Expect the green ascending trend line to provide support at around $0.1250.