Cryptocurrency » Dogecoin (DOGE) Ready for a Bull Run?

Dogecoin (DOGE) ready for a bull run?

  • The price of Dogecoin has broken the $0.0813 barrier and is trying to use it to rise.
  • A bounce from this level could be the catalyst for a 10% move to a selling high at $0.0946.
  • The bullish thesis will be canceled if the DOGE cryptocurrency pushes $0.0813 to the resistance level.

The price of Dogecoin clearly shows that it is rebounding from a stable support level. With the help of a bullish reset momentum, the DOGE cryptocurrency could start a quick rally.

Dogecoin price prepares for the next move

The price of DOGE (Dogecoin) cryptocurrency rose above the maximum sell-off point at $0.0705 and rose by 32%. In its ascent, DOGE also knocked down the $0.0813 barrier to support. With the dog-themed cryptocurrency trading near the $0.0856 level, investors can expect a narrowing of the range or a retest of the nearest support level at $0.0813.

The relative strength index (RSI) has returned from overbought to the midpoint, suggesting that the bulls now have a chance to return. Resetting the RSI to 50 could be the catalyst for Dogecoin price to initiate a rally to mark a buying high at $0.0946.

While this is a conservative forecast, a successful reversal of this hurdle to support on the daily chart would see Dogecoin rise to $0.106, resulting in an overall gain of 30%.

Dogecoin Daily Chart (DOGE/USDT)

On the other hand, if the price of Dogecoin does not hold above $0.0813, this will signal a weakening of the bullish camp. A swing from this level to the resistance level will invalidate the bullish thesis and encourage profit taking. In this case, the price of DOGE cryptocurrency could fall by 12% to return to the high point of the sale at $0.0705.

Akash Girimat, FXStreet

Akash has been working in the crypto industry as a content writer and analyst for over two years. He is a mechanical engineer interested in new technologies and financial markets. Lured by the chaos of trading, he has invested in cryptocurrencies and maintains a small crypto fund for his friends and family.

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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 involves risk, so you should do your own research when making a decision.

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Disclaimer: The information and opinions contained in this report are for general information only and do not constitute an offer or solicitation to buy or sell foreign exchange contracts, CFDs and cryptocurrencies. Although the information contained herein has been obtained from sources believed to be reliable, the author does not warrant its accuracy or completeness and shall not be liable for any direct, indirect or consequential damages that may result from anyone relying on such information.

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