- Dogecoin price shows struggle at the 34-day EMA at $0.0735, indicating that a pullback is likely.
- A recovery above $0.0820 is likely to trigger a 33% rally to $0.1090 hurdle for the meme coin.
- If DOGE produces a daily candlestick close below the 8-day EMA at $0.0680, it will invalidate the bullish thesis.
Dogecoin price is at a crucial point in its journey, which could either trigger a minor swing or a pullback that will prepare it for another massive leg-up. Therefore, investors need to pay close attention to DOGE and its upcoming corrections.
Dogecoin price at inflection point again
Dogecoin price printed a buy signal on the weekly chart on June 13. This buy signal was followed by a 20% run-up that has pushed DOGE above the 8-day Exponential Moving Average (EMA) at $0.0680.
However, the bulls seem to be exhausting as it is facing intense selling pressure at the retest of the 34-day EMA at $0.0735. However, a recovery above this barrier could allow Dogecoin price to rally 12% to retest the $0.0820 resistance barrier, coinciding with the 50-day EMA at $0.0806.
This blockade cluster, while significant, is key to realizing massive gains for Dogecoin price. Assuming the buyers manage to flip this hurdle into a support floor, DOGE will be primed for a 33% upswing to $0.1090.
Interestingly, $0.1090 is also a resistance confluence of a declining trend line and the horizontal resistance barrier. Therefore, investors can expect Dogecoin price to form a local top here.
In total, this run-up to $0.1090 would constitute a 48% gain from the current position at $0.0741.
DOGE/USDT 1-day chart
Regardless of the bullish rally seen so far, if Dogecoin price fails to overcome the 34-day EMA at $0.0735, it will denote weakness among bulls. In such a case, DOGE is likely to retrace to the 8-day EMA at $0.0680.
If Dogecoin price produces a daily candlestick close below this level, it will invalidate the bullish thesis. In such a case, DOGE is likely to pull back to the $0.0629 support floor, where buyers will get another chance at a run-up.