The Dogecoin price is showing signs of stopping consolidation as it progresses. The recent bullish top on June 2 is a clear sign that an uptrend is developing. The price of the DOGE cryptocurrency must overcome a crucial resistance barrier to signal the start of a higher impulse wave.
- Dogecoin price pending takeoff is around $ 0.367.
- A decisive close above $ 0.40 will confirm the start of the rally.
- A bullish thesis will be invalidated if DOGE creates a new low below $ 0.311.
Dogecoin Price Aims For A Higher Peak
Dogecoin price was adjusted 60% from May 18-19, from $ 0.515 to $ 0.211. Following this nasty drop, the price of DOGE cryptocurrency set the first bullish move on May 20 at $ 0.435 and the second on June 2 at $ 0.448, signaling a new uptrend developing.
So far, the lows of the price movement have remained intact, and Dogecoin is consolidating in a tiny range, indicating its desire to rise. The trigger or confirmation of the next move will come after Dogecoin makes a move above $ 0.40.
Clearing the aforementioned level should trigger an explosive 12% rise to the nearest barrier at $ 0.45. If buyers exceed this limit, the Dogecoin cryptocurrency price will most likely test the lower limit of the supply area in the $ 0.481 to $ 0.515 range.
Overall, a move from $ 0.40 to $ 0.481 would represent a 30% bullish move.
In an extremely optimistic scenario, the price of the DOGE cryptocurrency may cross the resistance zone, which will open the way to USD 0.571.
Dogecoin Chart (DOGE / USDT) 4 hours
On the other hand, if the price of DOGE cryptocurrency does not exceed $ 0.40, it will signal buyers weakness. However, the bullish thesis will be disproved if the Dogecoin price creates a new low below $ 0.311, which was set on June 1.
In such a case, it is possible that the Dogecoin price could fall 7% to the immediate support level located at $ 0.293.
Author: Akash Girimat, FXStreet
Akash has been working in the cryptoindustry as a content writer, analyst for over two years. He is a mechanical engineer with an interest in new technologies and financial markets. Attracted by the chaos of trading, he has invested in cryptocurrency and maintains a small crypto fund for his friends and family.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move carries a risk, so you must do your own research when making a decision.
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