- Dogecoin price appears to have bottomed out as it hit a higher low of $ 0.30 on June 12.
- Breaking the resistance at $ 0.328 and setting the high above $ 0.355 could start a rally.
- However, the failure of buyers to overcome the immediate supply barrier at $ 0.328 or $ 0.367 could lead to a reversal.
Dogecoin price appears to be bullish and is showing signs of a new potential uptrend. However, this rally requires confirmation, which will occur after DOGE makes a decisive close at the critical resistance level.
Dogecoin price is skyrocketing
Dogecoin price has plummeted since its peak on June 2 at $ 0.448. After a 34% sell-off, DOGE bottomed above the support at $ 0.293 and looks set to recover.
However, although the price of bitcoins exceeds $ 40,000, the crucial psychological barrier – altcoins, including DOGE – did not work, which suggests that investors are only interested in BTC.
Assuming there is a potential peak in buying pressure, Dogecoin price should close above the nearest resistance at $ 0.328.
After that, the coin meme should set a higher high than the previous one at $ 0.355 created on June 9th. While this move may serve as initial confirmation, a decisive close above $ 0.367 signals the start of an uptrend.
If that happens, the Dogecoin price could mark a resistance barrier at $ 0.399, which is about 22% of the current position, $ 0.325.
DOGE / USDT 4-hour chart
Investors should be aware that a failure to break above $ 0.367 would indicate sellers are not finished yet. In this case, DOGE could retest the demand barrier at $ 0.293.
However, a decisive close below $ 0.293 would set a new low and open the door for a 25% drop to $ 0.213.